Legal Question in Bankruptcy in California

Re: Cars in Our Name that Belong to Our KIds

The issue of vehicles has less to do with the number of vehicles and more to do with the equity in them. If you have no equity in any of them, you can probably keep them, but you probably cannot deduct in the means testing the payments on all four, nor the cost of ownership - that's something you need to review with a bankruptcy attorney, and some specific facts related to your situation. With respect to all assets you own, retention or liquidation in bankruptcy is generally all about equity, and not number of items.

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Re: Cars in Our Name that Belong to Our KIds

You will be able to keep the cars, as long as you dont have any equity in them (or very little equity), as long as you can keep making the payments. The other issue is who is on title to the cars? You say the loans are on your name, but what about title? If the title is in your kids' names, then even if there is equity, the equity belongs to the kids, not to you. Either way, you should speak with an attorney.