$1,000.00 exemption for car??

[peppylady]

Can anyone tell me how long it takes to get your $1,000.00 exemption money for your automobile? My car has been towed by trustee and auctioned off and I am still waiting for my money. I need it for another car. I have no bus service and need to get to work.

[bkchap7filer]

I'm not getting it....you believe you are going to get $1000 cash for an exemption? You don't get cash for not using exemptions.....they are just what you get to claim if you have them...what is protected from being taken. There are no "rebates" so to speak. Can you imagine if someone didn't use their 20k homestead exemption in some states.....bk would be profitable!

[d80indebt]

bkchap7filer is right. You don't get any money from the trustee.

[AngelinaCatHub]

It is the bad news. If your car was only worth $800 they wouldn't take it and it would be abandoned. If it is worth $1500, you would be an asset case (for an example) and you would have to pay the Trustee $500 to keep the car. What was your car worth and what did it sell for? 'Hub

[ansky0007]

From my understanding if you had a vehicle with lets say $4k equity and the trustee decides to take it and sell it on you they are supposed to give you back the $1000 that you were entitled to exempt.

[AngelinaCatHub]

From my understanding if you had a vehicle with lets say $4k equity and the trustee decides to take it and sell it on you they are supposed to give you back the $1000 that you were entitled to exempt.

I don't think so but I'm no lawyer. I think the Trustee would pay it out to your creditors. You don't get money back, or you would just become an asset case and that is worse. Then they do pay the creditors back you your 60 day club becomes a 90 day club. Been there, done that. 'Hub

She may be able to apply that exemption towards something else. Won't hurt to ask.

[ansky0007]

I don't think so but I'm no lawyer. I think the Trustee would pay it out to your creditors. You don't get money back, or you would just become an asset case and that is worse. Then they do pay the creditors back you your 60 day club becomes a 90 day club. Been there, done that. 'Hub

She may be able to apply that exemption towards something else. Won't hurt to ask.

I was told by my lawyer that if the trustee took my car they would have to pay me the exemption amount and apply the balance to my creditors. The same would go for my house that I plan on keeping. If they take my house they would have to pay me $40k since I was entitled to keep this equity.

[justbroke]

Can anyone tell me how long it takes to get your $1,000.00 exemption money for your automobile? My car has been towed by trustee and auctioned off and I am still waiting for my money. I need it for another car. I have no bus service and need to get to work.

This all depends on so many factors. First, did you file pro se? Did you actually use the exemption on the car? What was the car's declared value on Schedule B? How much was exempted on Schedule C? What did the Trustee get for it?

So many questions.

[peppylady]

My car was worth $8900.00 it auctioned for $6,050.00. I owned it free and clear. My attorney told me he could take forever to give me my $1,000.00. I think it is terrible to wait this long. I am stranded!!

[peppylady]

I talked to my attorney today and the trustee is sending me a check for $1,000.00 this week. Yes you do get your money. My car was worth alot.

[AngelinaCatHub]

I talked to my attorney today and the trustee is sending me a check for $1,000.00 this week. Yes you do get your money. My car was worth alot.

WOW! I'm so pleased to be proven wrong. (Don't tell my wife, she does it daily). That is great and a lesson for all of us. GOOD FOR YOU!!!! 'Hub

[justbroke]

I talked to my attorney today and the trustee is sending me a check for $1,000.00 this week. Yes you do get your money. My car was worth alot.

Very good. I was hoping that it was actually exempted on the schedules. Nice to hear.

[ready2puke]

Yep thats what I've been told also.. Im using 15k for my property in Mexico..If the trustee takes it,he has to give me my 15k...Its my exemption and Im entittled to it...

[momof3b1g]

So you are saying the trsutee takes an item that is exempt but they have to pay you the exempt amount? So if we exempt our vehicle for $3200, the lawyer can still take it? But would have to pay us the $3200?

[ready2puke]

No not the lawyer, you already paid him lol...Im assuming you mean the trustee? Yes..if its worth it for him..he can take it if its valued much more, sell it give you your exemption and keep his % and pay the rest to the creditors or he will offer it to you for the value over the exemption price