Expert: Terry Leeders - 4/20/2008

Question
I am going to file bankruptcy next month, I am married and I will be filing alone, that is my wife will not file with me. My lawyer said that we can only have one car and that our other car will have to be sold, or the courts will take it from us.
My question is this. We need two cars and am not sure how to proceed.
Can someone give me some advice as to how to proceed?

Once I file for bankruptcy, when can she buy a car in her name?

Answer
While you may have 2 vehicles and still file bankruptcy, it can come down to valuations and who's name the assets are in, depending on where you live.  So, work with your attorney to plan your case accordingly, and do not transfer assets to hide them, the court can undue those actions.  Your wife can buy now or later, if the items are only in her name.  Keep in mind, this could be an issue if you are in a community property state, so I would review all these questions with your lawyer who knows your specific circumstances.