QUESTION
Can my husband file bankruptcy and use his wildcard towards the motor home?
Asked on May 02nd, 2013 on Bankruptcy - California
More details to this question:
My husband has pre marital debt. We are considering filing bankruptcy. Most of the debt is in his name and is from a failed business he owned prior to our marriage in California. Our house has no equity, but we purchased a motor home 2 years ago with an IRA. The motor home is in both our names. If I don't file will my 1/2 of the equity remain untouched from the trustee?
3 ANSWERS
Insurance Attorney serving Redlands, CA
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Orrock, Popka, Tucker & Dolen
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The wild card exemption can be used for the motor home. Your interest in the motor home could be in jeopardy if the amount of the equity is more than the exemption.
Answered on May 06th, 2013 at 3:25 PM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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Not unless he can exempt your equity also.
Answered on May 06th, 2013 at 3:25 PM
Debt Settlement Attorney serving San Diego, CA
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Law Offices of Kathryn Tokarska
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Understand that the motor home is community property (purchased with money earned during the marriage) and if husband doesn't have enough exemption to cover the full value of all community assets whatever assets are not exempted can be liquidated by the Trustee into cash to pay off his creditors. It sounds like your best bet is for your husband to discuss exemption planning with a bankruptcy attorney.
Answered on May 06th, 2013 at 3:25 PM