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  1. #1
    Join Date
    Mar 2009
    Location
    Louisa VA.
    Posts
    4

    Default Co-Owned Assets in Bankruptcy

    My ex wife wants to file bankruptcy in Virginia. We are both unemployed. We have been living together for 5 years and I have 3 older vehicles and car trailer that are paid for and acquired in this time period. These vehicles are titled in both our names.
    If she files can the court take these vehicles from me ?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Co-Owned Assets in Bankruptcy

    Creditors can pursue her share of joint assets, subject to her exemptions. If the creditors pursue the cars, one solution would be for you to buy out her interest through bankruptcy, and then the creditors would get cash (which they would definitely prefer to a share of a car). I am not sure if Virginia recognizes tenancy by the entirety in relation to personal property but if it does, and that's how your cars are titled, you may be able to keep them completely out of her bankruptcy. She should discuss this with her bankruptcy lawyer.

  3. #3
    Join Date
    Mar 2009
    Location
    Louisa VA.
    Posts
    4

    Default Re: Co-Owned Assets in Bankruptcy

    She filed Chapter 7 through attorney and all vehicles were covered by exemptions because of low financial value. I get to keep my old vehicles.
    Thank you.

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