Need Advice

I live in KY I need to file a chapter 7. but ..... have 3 car loans in my name. One is on my vehicle, the other is on my 18 year old sons car and the third belongs to my 17 year old daughter. My children both make the payments on their cars. I was told I can not keep these 3 cars only 1. I have also heard that it is possible to retain all 3 which is true? If it be the latter please advice me how to go about it.
Thank You,
Regina

[Awesomemom]

Hey there.....if you sign reaffirmation letters with the cars you want to keep you can keep them. Are your kids on the cars also?
Good luck......

I'm an attorney in Indiana, so the laws may be different in your state.

However, I would say that as long as the equity in the vehicles doesn't take you over your state's exemption levels, you should be fine.

I'm sure you'll be questioned about the fact that you have three car loans at your first meeting of creditors, however.

Be sure that your petition lists the car payment amounts being paid to the lenders but also lists the car payments that your kids are kicking in as income to you.

Your attorney will be able to handle this issue for you.