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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37955
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I want to file bankruptcy without my wife involved. We have

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I want to file bankruptcy without my wife involved. We have 2 cars in both our names. Will I lose both cars, they are old and paid off.
How much is each vehicle worth?



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Customer: replied 4 years ago.


2005 Chrysler 300 worth about $9000 and a 2001 Jeep worth about $4000. She is not filing so I don't want her involved. Our house is upside down and we have a mortgage together.

If you are not using your homestead exemption (because the house is underwater, the exemption would be unnecessary), then you have a $1,000 motor vehicle exemption, plus another $4,000 in personal property that you can add to that. Since the vehicles are jointly held, the bankruptcy trustee can force the sale of each. But, you could make the sale too expensive for the trustee to complete, by using part of the exemption for one and part for the other vehicle. The trustee must file an adversary proceeding to force the vehicle sales, and that will cost the trustee money and time. So, if you were to use say $2,000 on one vehicle, and $3,000 on the other, the trustee may decide that since he has to pay your spouse for her half of each vehicle, after sale, that it's not worth it to force the sale of either vehicle. In other words, the trustee would only get $1,000 out of the sale of the $4,000 vehicle, and $2,500 from the sale of the other. By the time the trustee gets done with the adversary proceeding, he/she could have easily burned through $5,000 worth of legal fees, making the sale a net loser.

Hope this helps.

NOTICE: My goal here is to entertain while educating the public about the law. I hope my answer is useful and informative to you. During our conversation, the website may ask you to rate my answer. If you rate my answer lower than the middle rating, then the website retains your entire payment, and I receive nothing. It is entirely your choice as to how you rate my answer. However, because your payment to me is in the nature of a donation/gift, rather than as compensation for any services rendered, you are entitled to know how your rating affects the final distribution of your donation.

If you need to contact me again, please put my user id at the beginning of your question ("To Socrateaser"), and the system will send me an alert. Please Click the following link for IMPORTANT LEGAL INFORMATION. Thanks and best wishes!

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