My bankruptcy - assets

Asked over 1 year ago - Pensacola, FL

I am getting my paperwork together for bankruptcy. My fiance lives with me but we have no joint assets. He has two vehicles. Title/registration/ and insurance are in his name. I do drive them on occasion. Do I need to list his property in my bankruptcy paperwork? We live together but I have not invested anything into his vehicles. How will his property effect my exemptions? I plan to reaffirm with my lender for my vehicle which is in my name...

Attorney answers (3)

  1. Kevin Christopher Gleason

    Pro

    Contributor Level 16

    2

    Lawyers agree

    Answered . Property which you own is to be listed on Schedule B of the Official Forms. Property which you have use of, but do not own, goes on the Statement of Financial Affairs at question 14. Property owned by another does not affect your exemptions.

    Posting questions anonymously and receiving general answers do not substitute for consulting with an attorney... more
  2. Daniel Michael Johnson

    Contributor Level 8

    1

    Lawyer agrees

    Answered . In a Bankruptcy, you only need to list your assets that are in your name. In addition you only list creditors that you owe money too. So if the debt for your vehicle is only in your fiance's name, you will not list it in your Bankruptcy, nor would you need to list the Vehicles titled in your Fiance's name.

    Since the assets belong to your Fiance, they do not effect your exemptions. You would only need to concern yourself with the vehicle in your name and the debt associated with it, as well as any other debt and assets listed in your name.

    This response is for general information purpose only and does not create a client/attorney relationship. The... more
  3. Diane L Gruber

    Pro

    Contributor Level 18

    Answered . I agree with both attorney. However, for qualification purposes, you need to list your fiance's net monthly income for all sources. His name does not need to be listed, but ALL household income is. Also, ALL household expenses should be listed, including his debts payments, such as car payments, CC payments, etc. I STRONGLY suggest you consult with a BK attorney. Good luck.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662.... more

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