Q: I plan on filing for a bk w/in the next 6 mo. If my dad gifted me a car he bought for 1600 how does that affect the bk?
The vehicle is now an asset of yours. The value is fair market value not what you think its worth or what you paid or what he paid.
Under Fla. Stat. 222.25(1) you may exempt $1000 in value of a motor vehicle. You may also use any other exemptions (known as stacking) allowed to you by law.
An attorney (HIGHLY recommended) will help you through the whole process so there are no surprises to you and everything is planned out properly.
Hope this helps.
A: You can protect it with your exemptions and be able to keep it.
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