• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

17 year olds car?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

M

madmax

Guest
What is the name of your state? Illinois
If my wife and i file bk Is my sons car to be included in it?
the car is a 1970 car but probably worth 6000. The bad thing is that when he bought it he wasnt old enough and the title is in his name and mine. We dont have anything to lose But would hate for my son to lose the car What would happin if I took my name off title now? Probably filing chap 7 in about 3 to 4 months thanks
 


djohnson

Senior Member
Talk to your attorney. If its in your name its considered an asset. Is there anything due on it? You might could still keep it depending on your personal situation and there isn't enough info her to make that kind of decision. You may have to sell it to him to get his name on it but talk to your attorney first because if its equity and you do this the shortly file it could be considered fraud. Talk to your attorney that is more familiar with your case.
 

Ladynred

Senior Member
A 1970 vehicle worth $6000??? Must be a classic or something because that value is pretty high for a 32 year old vehicle ! Check the Kelly BB value and use that, not what you 'think' its worth or what you could sell it for as a 'classic', you'll probably get a MUCH lower value that could be included in your state's exemptions.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top