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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 18371
Experience:  B.A.; M.B.A.; J.D.
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I have two more questions: If I am single and have two

Customer Question

I have two more questions for you:If I am single and have two vehicles in my name. One is pretty much not working and I plan to report to DMV that it is not running probably worth about $500 bucks now. The other vehicle is probably worth $12,000 and I owe about $11,500. Am I in danger of losing the vehicle that is paid off? If I am in danger, could I transfer the title over to a family member who wants to fix it? How long do I have to do that before filing? Thanks again.
Submitted: 8 months ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 8 months ago.

Am I in danger of losing the vehicle that is paid off?

Response 1: Yes, because you are only allowed to claim exemption for one car if you are filing as an individual.

If I am in danger, could I transfer the title over to a family member who wants to fix it?

Response 2: Yes.

How long do I have to do that before filing? Thanks again.

Response 3: Two years an one day. See 11 U.S.C. Section 548.

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