Q: If my wife and I file a chp 7 bankruptcy in MS can we exempt two vehicles if they are both less than $10,000?
I have a truck worth $4,000 and she has a car worth $3,500 and there are no liens on either vehicle, can we keep both of them?
A: Each of you are entitled to exempt up to $10,000.00 worth of tangible personal property, including such items as cash on hand, household goods, tools of the trade, animals, motor vehicles, medically prescribed items, and anything other than the listed items that has a value of less than $200.00. If both vehicles are titled in jointly in you and your wife, then each of you would use $3,750.00 of your $10,000.00 exemption on the autos. If the truck is in your name only and the wife is titled jointly in both names, then you would use $5,750.00 of your $10,000.00 exemption limit while your wife will only use $1,750.00 of her $10,000.00 on the autos.
You should not take an action transferring the vehicles prior to filing the bankruptcy even if both are in just your name or just her name. Before you do that, you need to make an appointment with an experienced bankruptcy attorney that handles both chapter 7 and chapter 13 bankruptcy cases.
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