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Vehicle question

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    Vehicle question

    Our code W. Va. Code § 38-10-4 (e) states: (b) The debtor's interest, not to exceed two thousand four hundred dollars in value, in one motor vehicle.
    Does this mean the value of the car can only be $2,400 or have $2,400 in equity in it? I don't currently own a vehicle, however I have been told that I am inheriting a vehicle from a family member's estate but won't know much until Dec. I know the car is a 2015 Juke and only 18k miles on it, so the kbb value is anywhere from $9-12k. How does it work when you inherit a vehicle?

    Yes, it's $2,400 of equity in the vehicle. So if you own a car outright and it's worth $9,000, then only $2,400 of that could be protected with the vehicle exemption that you listed.

    Inheriting a vehicle works no differently than any other property that you own. In fact, if you inherit anything within 180 days of filing, or even become "entitled" to inherit property within 180 days of filing, it may not be protected without some sort of exemption.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.


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