BalloonTwister
Junior Member
What is the name of your state? Idaho
We have 5 cars, 2 of which do not run, 1 of which is an old ’65 T-Bird that belonged to my grandfather and which is only used as a “show car” and 2 of which we use for getting to and from work (my husband and I work in different cities) and general family getting around.
We expected to lose the 3 cars we do not use and to use an exemption for the older of the remaining two cars (the red van – which is not worth as much as the exemption allowed for a vehicle in Idaho). Last summer (2004), my father loaned us $10,000 to purchase the other car (the white van). Although we were having financial difficulties at the time (hence the loan), we were not contemplating bankruptcy and therefore did not put my father as a lienholder on the white van. We sent him a promissory note and the title to the white van to hold until he was paid off.
We filed Chapter 7 pro se and put my father as a secured creditor on the white van based on the promissory note. We indicated that we intended to reaffirm that debt in addition to our house debt. Our intention was to be able to keep the white van and pay off that debt to my father.
I made a mistake when filling out the paperwork and only listed our household goods on the Schedule C (Property Claimed as Exempt). So, I have to amend that schedule to add vehicle exemptions and the exemption for my wedding rings and our 401(k) money.
Yes, I do actually have a question! Our 341 was today and the trustee said that since my father was not on the title of the car he is not a secured creditor. Okay, we knew there was a good possibility he would say that. But he said that we cannot use a vehicle exemption for the car. He said that since my father’s lien is not perfected, that he “steps in the shoes” of my father and in order for us to redeem the car, we would have to pay him the full value of the car. Can anyone explain why we cannot add this car to our exemptions now? I am very, very confused.
Can anyone explain why we cannot do the following: Amend the Schedule D and F along with the Schedule C, taking my father off the secured creditor schedule and adding him to unsecured, then putting both cars on the list of exempted property (obviously, we would have to come up with the difference between the vehicle exemption ($3,000 in Idaho) and the value of the white van ($7,250) and pay that to the trustee. This would seem to be a solution. My father has said that he would loan us the difference so that we do not lose the one really reliable vehicle that we have.
We have 5 cars, 2 of which do not run, 1 of which is an old ’65 T-Bird that belonged to my grandfather and which is only used as a “show car” and 2 of which we use for getting to and from work (my husband and I work in different cities) and general family getting around.
We expected to lose the 3 cars we do not use and to use an exemption for the older of the remaining two cars (the red van – which is not worth as much as the exemption allowed for a vehicle in Idaho). Last summer (2004), my father loaned us $10,000 to purchase the other car (the white van). Although we were having financial difficulties at the time (hence the loan), we were not contemplating bankruptcy and therefore did not put my father as a lienholder on the white van. We sent him a promissory note and the title to the white van to hold until he was paid off.
We filed Chapter 7 pro se and put my father as a secured creditor on the white van based on the promissory note. We indicated that we intended to reaffirm that debt in addition to our house debt. Our intention was to be able to keep the white van and pay off that debt to my father.
I made a mistake when filling out the paperwork and only listed our household goods on the Schedule C (Property Claimed as Exempt). So, I have to amend that schedule to add vehicle exemptions and the exemption for my wedding rings and our 401(k) money.
Yes, I do actually have a question! Our 341 was today and the trustee said that since my father was not on the title of the car he is not a secured creditor. Okay, we knew there was a good possibility he would say that. But he said that we cannot use a vehicle exemption for the car. He said that since my father’s lien is not perfected, that he “steps in the shoes” of my father and in order for us to redeem the car, we would have to pay him the full value of the car. Can anyone explain why we cannot add this car to our exemptions now? I am very, very confused.
Can anyone explain why we cannot do the following: Amend the Schedule D and F along with the Schedule C, taking my father off the secured creditor schedule and adding him to unsecured, then putting both cars on the list of exempted property (obviously, we would have to come up with the difference between the vehicle exemption ($3,000 in Idaho) and the value of the white van ($7,250) and pay that to the trustee. This would seem to be a solution. My father has said that he would loan us the difference so that we do not lose the one really reliable vehicle that we have.