What we did when placing a value on our cars, we took the KBB value, plus two other reputable sources--I cannot recall the names--and averaged them. Then we took that figure to a used car salesman who has a good reputation in our area--and also we had done business with him in the past--and got a value for our particular cars in our area.
There were no questions asked about that.
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I agree that Federal exemptions look better than state in my case, because that wildcard will be very important to preserve my property. I work only on commission... so there's no set paycheck coming in. My bank account goes toward the wildcard, right? (Assuming I'm doing Federal.) Does this mean I should slow down working or stop working for a bit? Bringing in those wages seems to just give them more that they can take.
Regarding the car, yes the blue book shows about 11k if I give it a generous value. It was in real bad shape and my dad put about $5k to restore it. His money, not mine. I'm sure that doesn't matter since the car is in my name, I guess... but perhaps there's some wiggle room on the value since it was previously wrecked etc... but yeah, that will be a big chunk of the wildcard.Leave a comment:
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In Texas, you can choose either federal or state exemptions. The main reason someone would choose the Texas exemptions is if they have equity in a house. Texas has a huge home exemption. You don't own your house so there's no reason you wouldn't want to consider using federal exemptions.
Additionally, owning your car outright is a problem. You said it's worth about 10K. That's 10K worth of an asset that the trustee is going to be interested in if you use the Texas exemptions.
The federal exemptions, however, allow about $3675 in automobile exemption. Additionally, there's a federal wildcard exemption of $13,475. That means your car should be able to be exempted, leaving several thousand in wildcard exemption for other property.
When you meet you meet with a BK attorney, I imagine he will tell you that you'll be using federal exemptions instead of Texas exemptions.Leave a comment:
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Hi FH:
Welcome to the Forum.
First of all, rest easy. No one is going to come to your home, and ransack your belongings. Below is a link to an article about exemptions in the state of Texas, prepared by the people at NOLO Press. You can use either the State exemptions or Federal, whichever is more beneficial to you. You cannot 'mix and match' from both.
Many of us on this Board like to have a copy of the Nolo Press book on whichever Chapter we have filed as a 'Ready Reference' that we can refer to, even though we might have an attorney.
I would advise consulting with at least two more attorneys before settling on one. BK law is complex, and one person may have a better understanding of it than another. Also some attorneys specialize in one particular chapter, and you may find yourself being steered toward a particular chapter, when the other one might be a better fit for you.Leave a comment:
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Scared to file BK now! Will they take everything?!
Hello all, new to the forum! I am a Texas resident. I've read that Texas has some of the most lenient laws for keeping property under a Chapter 7 bankruptcy. Contrary to the thread title, I know I won't lost "everything".
I know there's a $30,000 limit on personal property in Texas, but can anyone tell me exactly what to expect? I'm planning on voluntarily surrendering the car I have a loan on. My second car (will become my primary) is worth $10.5k– I own it outright.
If you come into my home (I do not own the home) and assess my property, you won't find $30k worth. I believe it's substantially less. 2 firearms, which I know are exempt.
What do you think the trustee will want to take? I have 2 computers (essential for work), Playstation, XBOX, 65" LED TV, 88-key synthesizer... my electronics are obviously the thing I'm worried about. Would it all simply be exempt because the aggregate fair market value is under $30k?
Please advise... I feel overwhelmed by credit card debt and bankruptcy seems like the appropriate thing to do right now, but I feel sick just thinking about them raiding my house to take what they want.
I have had a lawyer consultation but haven't retained her yet. I'd love to hear from a variety of sources who aren't just trying to sell me something
Thanks in advance, all.
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