Retaining Vehicles?

[GeorgiaFarmer]

In Georgia, I understand the equitable amount allowed on a vehicle is $3500. If my vehicle has $10000 equity but my wife's vehile is upside down $5000 is it likely the trustee's would allow us to keep the vehicles since the combined equity is $5000 (compared to the allowable $7000)?

[Boscoe]

Check with an attorney to be sure, but in a joint case, each would be considered separately. Unfortunately.

[lrprn]

Keep in mind that if the equity of one car is less than the total exemption your state allows, then the remainder can be applied toward a second car.

Some states have wildcard exemptions that can be applied toward any asset the filer hopes to keep.

And a few states (Georgia, for one - lucky you!) allows you to use left-over money from a different exemption to protect a vehicle. In Georgia, a filer can take whatever isn't used for their real estate exemption and apply it to gain additional exemptions - http://www.moneylawyer.com/exemptions.html

Bottom line is you need to talk to local bk lawyers to find out what's going to be possible in your situation, GF. Good luck - hope everything works out in your favor!