What to do about a car owned out-right

[joymal]

I own a car that is worth about $10000 with no liens on the title and I'm about a month away from filing my personal chptr 7 as a follow on to my business chptr 7 last month (see my other posts if interested). In CA the exemption for a car seems to be about $2550 or so currently. This car is a gas-guzzler but I need a car.

Should I trade it in and buy a new one before filing? What other actions have people taken that were successful in keeping vehicles? My lawyer has suggested buying a new car and working out the numbers so my equity in it is less than the exemption but I don't see how that could be possible. I'm also very nervous about starting another loan on anything right now.

[Dollar Bill]

I hear that trustees base the value on kbb.com trade in for vehicles they may have an interest in.

We have two sets of exemptions here in CA. Homestead and wildcard.

Do you own a home and will be taking that exemption? We can exempt 20k or just a bit more in I thought was whatever we decided.

DO you have cash in the bank you'd like to protect?

[joymal]

I do have cash in the bank I want to protect, yes....
I have a 10% interest in a house that has been devalued and I currently don't live there. My equity value in that asset would probably be around $5000-8000. My lawyer has advised me that when we file, we won't be taking the homestead as I'm currently renting an apartment.

Since most of my debt is business debt, I'm in a wierd spot as I'm not in bad position financially but I need to declare bkrptcy as my business debt flows back to me personally.

[SUB]

I own a car that is worth about $10000 with no liens on the title and I'm about a month away from filing my personal chptr 7......

Check http://www.nadaguides.com/ or http://www.kbb.com/ for trade in value. Keep in mind the new car will be looked upon as trade in value as well in a BK. You will probably be upside despite your trade in.

You could sell it, then hold off filling for a few months. Spend some of the proceeds to sustain yourself, keep just enough to put down. You may be able to get a dealer to buy your car outright, or give you a rebate of sorts.

[monkatom]

you may want to double check exemptions as I believe car in California is now 3300

[millerc507]

I'm confused. I did not think a business could file chap. 7. However, I do know filing personally relieves your responsibility for debts personally guaranteed.
Do you have to file immediately or is there room to put some time between now and filing. Anything done with big assets right before filing could be a red flag for the trustee, according to our attorney. Time could be your friend . . . if you have it.