Question about consolidating property

[oray777]

I did read that you can keep your first vehicle but not your second vehicle. I only have one vehicle at the moment. I also read that you can only keep your first car up to a certain value. What is the value that is set before they can take your car?

[originalhealer]

It depends on your state. Plus, in some states you can use the balance of your property exemptions towards anything you want (within limits).

[oray777]

I live in California. The car is payed off and doesn't have a lien on it. I'm going to see the bankruptcy lawyer this Wednesday.

[oray777]

Forgot to add the car is a 1991 Ford Mustang LX 5.0.

[Whittio]

California has two schedules to chose from, you pick the best one that protects your assets. The C1 exemptions allows up to $2300 in vehicle exemption, and the C2 allows $2975. This is "market value" prices.

[Minnymouth]

Whittio,
Your turning into a "book of knowledge" there girl!!!
See you have lots of helpful info to share!!!

Minny

[oray777]

How do you find the market value on your car? You think i might be over that?

[Whittio]

Whittio,
Your turning into a "book of knowledge" there girl!!!
See you have lots of helpful info to share!!!

Minny

Now THAT'S funny!
I pick things up quickly, but lose them just as fast when I don't use them. Like I built a full forum, make modifications and everything, without even knowing the first thing about programming.. but if I had to go make a simple change now, forget it!


Oray777, go to www.kellybluebook.com you can get the used car value there.

[oray777]

Now THAT'S funny!
I pick things up quickly, but lose them just as fast when I don't use them. Like I built a full forum, make modifications and everything, without even knowing the first thing about programming.. but if I had to go make a simple change now, forget it!


Oray777, go to www.kellybluebook.com you can get the used car value there.

Hey Whittio. I did some calculations there on the Kelly Blue Book and they said it wouldn't do calcuatlion because it would need a private appraisal. I listed it as having a salvage title, poor condition, and it has over 137,000 miles. I checked Edmunds and listed it at about 2,300.00 and that is Dealer priced. Do they used Dealer priced for the value? Thanks for your help.

[oray777]

One more thing the car has a few add-ons like a body kit and wheels. Will they consider those in the value of my car?

[Whittio]

NO, dealer price is higher then "fair market". I just did a basic search for a 1991 Ford Mustang LX 5.0 (not convertible), I left all the fields set to their default values, as I don't know what you have. I put in the mileage of 137,000 and Fair condition, and came up with $1900.

It won't rate Poor, but you can take it up to fair, and then adjust the price yourself for it being in poor condition. You'll also have to adjust it for having a salvaged title. All in all, I don't think you have anything to worry about with the exemption not being enough. I don't think it will go over the exemption, and if it does, list the remainder under personal property??

1991 Ford Mustang LX 5.0 Liter Sedan 2D



Engine: V8 5.0 Liter
Trans: Automatic
Drive: RWD
Mileage: 137,000


Equipment
Air Conditioning
Power Steering
AM/FM Stereo
Alloy Wheels




Consumer Rated Condition: Fair
"Fair" condition means that the vehicle has some mechanical or cosmetic defects and needs servicing but is still in reasonable running condition. This vehicle has a clean title history , the paint, body and/or interior need work performed by a professional. The tires may need to be replaced. There may be some repairable rust damage.


Private Party Value Search Local Listings | List This Car for Sale $1,900
Private Party Value is what a buyer can expect to pay when buying a used car from a private party. The Private Party Value assumes the vehicle is sold "As Is" and carries no warranty (other than the continuing factory warranty). The final sale price may vary depending on the vehicle's actual condition and local market conditions. This value may also be used to derive Fair Market Value for insurance and vehicle donation purposes.

[oray777]

NO, dealer price is higher then "fair market". I just did a basic search for a 1991 Ford Mustang LX 5.0 (not convertible), I left all the fields set to their default values, as I don't know what you have. I put in the mileage of 137,000 and Fair condition, and came up with $1900.

It won't rate Poor, but you can take it up to fair, and then adjust the price yourself for it being in poor condition. You'll also have to adjust it for having a salvaged title. All in all, I don't think you have anything to worry about with the exemption not being enough. I don't think it will go over the exemption, and if it does, list the remainder under personal property??

1991 Ford Mustang LX 5.0 Liter Sedan 2D



Engine: V8 5.0 Liter
Trans: Automatic
Drive: RWD
Mileage: 137,000


Equipment
Air Conditioning
Power Steering
AM/FM Stereo
Alloy Wheels




Consumer Rated Condition: Fair
"Fair" condition means that the vehicle has some mechanical or cosmetic defects and needs servicing but is still in reasonable running condition. This vehicle has a clean title history , the paint, body and/or interior need work performed by a professional. The tires may need to be replaced. There may be some repairable rust damage.


Private Party Value Search Local Listings | List This Car for Sale $1,900
Private Party Value is what a buyer can expect to pay when buying a used car from a private party. The Private Party Value assumes the vehicle is sold "As Is" and carries no warranty (other than the continuing factory warranty). The final sale price may vary depending on the vehicle's actual condition and local market conditions. This value may also be used to derive Fair Market Value for insurance and vehicle donation purposes.

Okay thanks. I'll talk to the Lawyer and see what i can work out.