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we are considering bankruptcy, but we have an 18 year old daughter,

Customer Question
full time student, who is...
we are considering bankruptcy, but we have an 18 year old daughter, full time student, who is driving our 3rd car. How do we help her keep the car. The car is in my name and I own another vehicle. My husband has his own vehicle.
Submitted: 8 years ago.Category: Bankruptcy Law
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2/6/2009
Bankruptcy Lawyer: JoeLawyer, Attorney replied 8 years ago
JoeLawyer
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience: Attorney in the practice of Bankruptcy Law since 1996
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Hi sued:

It normally doesn't matter how many vehicles you own; it just matters that you do not have a greater amount of value in assets than your State allows you to keep (called "exempt" property).

For example, in Indiana, you get to exempt up to $8,000 worth of personal property (including vehicles). Indiana doesn't mind if you have 5 vehicles if the total combined value of them is less than $8,000. Conversely, Indiana law will allow the bankruptcy trustee to take away your only vehicle if it is worth substantially more than $8,000.

However, I do believe there are a few states that limit vehicles based on the number you own rather than their combined value, so if you let me know what State you live in, I will try to find your State's exemptions for you.

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.
JoeLawyer
JoeLawyer, Attorney
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Customer reply replied 8 years ago
We are in Brevard County, Florida
Customer reply replied 8 years ago
Relist: I still need help.
Does this apply to Florida. Other wise The answer was exactly what I needed to know
Bankruptcy Lawyer: JoeLawyer, Attorney replied 8 years ago
You can view the Florida exemption list by clicking here. The exemption list says Florida statute 222.25 is the one regarding protecting vehicles in bankruptcy, and you can view that code section by clicking here.

Florida Statute 222.25 says: "222.25 Other individual property of natural persons exempt from legal process.--The following property is exempt from attachment, garnishment, or other legal process:

(1) A debtor's interest, not to exceed $1,000 in value, in a single motor vehicle as defined in s. 320.01.

(2) A debtor's interest in any professionally prescribed health aids for the debtor or a dependent of the debtor.

(3) A debtor's interest in a refund or a credit received or to be received, or the traceable deposits in a financial institution of a debtor's interest in a refund or credit, pursuant to s. 32 of the Internal Revenue Code of 1986, as amended. This exemption does not apply to a debt owed for child support or spousal support.

(4) A debtor's interest in personal property, not to exceed $4,000, if the debtor does not claim or receive the benefits of a homestead exemption under s. 4, Art. X of the State Constitution. This exemption does not apply to a debt owed for child support or spousal support.
"

From the sound of this, a debtor in bankruptcy case protect one vehicle, up to $1,000 in value.

It also has a $1,000 personal property exemption, which I do not know if can be applied to additional vehicles or not, but it sounds like you can based on the exemption list that says "WILD CARD," which implies the $1,000 personal property exemption can be applied to anything.

I strongly suggest you run these facts by a bankruptcy attorney in your area to see what exemption planning strategies work in your jurisdiction.

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.
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