Exemptions re vehicles and property
We are going to be filing a Ch7 in AZ. I live with the kids in a rented mobile home. We own a piece of property 45 minutes out of town that we are building a house on. My husband lives there in a travel trailer so he can work on the house. We have a separate mailing address out there, but no utilities. Can we claim this as our homestead exemption even though I rent a place in town? It is in construction so there really is no way to have it appraised. We do have homeowners/construction insurance on the house. We are making payments on the property.
Also, we own four or five vehicles that are in various stages of disrepair. What kind of value do we assign them? ie. 1982 Ford Bronco with no transmission, all the interior removed and in pieces in the back. Will the trustee see that as something to be liquidated?
Are the values assigned to items replacement value or is it what you could get for it if you tried to sell it, like through craigslist or ebay?
Thanks for any insight!
Also, we own four or five vehicles that are in various stages of disrepair. What kind of value do we assign them? ie. 1982 Ford Bronco with no transmission, all the interior removed and in pieces in the back. Will the trustee see that as something to be liquidated?
Are the values assigned to items replacement value or is it what you could get for it if you tried to sell it, like through craigslist or ebay?
Thanks for any insight!