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Exemptions.

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    Exemptions.

    I am filing chap.7 and have two cars one a 87 Nissan and the other a 02 Dodge Intrepid along with the general collection of house hold items, big screen TV, this computer, 3 smaller TV, beds ,dining table etc, etc, etc, you get the idea. the Nissan I paid $200.00 for and the Dodge $1000.00,, I am a mechanic and had to repair both vehicles to be able to use them, I am getting the impression that they will be taken from me and liquidated for the cash value to pay creditors, I use one car for work and the other is use by my wife, she is not listed in my bankruptcy as we just got married this year, both cars are in my name. Question?, how is every thing valued and what are the limits, I live in Florida. any opinions or thoughts about this would be appreciated.

    #2
    Hi heyu:

    Welcome to the forum. First, before anything else go and purchase the C7 book from nolopress.com. It will answer many questions for you. Buying online will save you about half the price in a retail bookstore. They offer a downloadable online version as well as print version.

    On your cars: you have been reading many postings about vehicles that have some sort of lein or loan against. If you own your two cars outright, and have had to put work, i.e. money into them to make them usable, say so. Make sure that you have your reciepts for parts, etc.

    In our case, we (AngelinaCatHub and I) have three vehicles. One is a 2004 VW Jetta with a mortgage note on it; vechicle 2 is a 1993 Pontiac Grand-Am SE that we got at auction for $800. It was an ex-police car with high idle-time. Then, the other is a 1968 Chevrolet Impala, that was a nice 'fixer-upper' when we bought it, but it has sat for more than 4 years when 'Hub got sick with prostate cancer.

    Eventually, our trustee decided to 'Abandon Interest' in our vehicles for the BK estate, as being "too encumbered, or exempt, or too old."

    So that is where we are now.

    Think about how you can devalue the autos' value in the courts' eyes. I haven't paid that much attention to the rest of your questions, but I will do so tomorrow.

    Good luck.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

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