I had my 341 last week and there is an objection to having excempt to many vehicals. I have a truck that is paid for and worth maybe 4,000, I have a car with a loan on it that is included in my plan and I have a work vehical that is mine and worth around 3500. The work vehicle is just that, work only. I have a small business and that is what i use it for and I actually work inside it. I know where i live we could only excempt 2 vehicles but I thought i could keep all three do the fact the one is for business. My wife drives the car and I drive my other truck when I am not working. Is it possible to fight this. I did call the attorney, so hopefully he will call soon.
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where do you live? -
That is sad, I hope you can keep them. This is not an easy jouneyComment
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I live in NY stateComment
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Well, according to the NY State Bankruptcy laws, the exemption is listed as follows.
Motor vehicle: up to $2,400.
And then if you file jointly, it would be doubled.
So, that means you can exempt two cars.
Tools of the trade is only $600, and a truck most likely is not considered a tool.
There is no wildcard exemption in your state either.
If the values you listed above are accurate, then, they are not 100% exempt anyway, it is only exempt up to $2400.
So, within your plan, you will be paying the creditors, the amount over the exemption, and the third vehicle total value will also be included in determing how much the creditors are paid, and what your monthly payment will be.
Your attorney will be able to figure out what route to take on this topic, they know more than me.
I would say, have the vehicles appraised, and dont clean them at all inside or out. And see what they are appraised at.
How are you determining the values of them?
With all that said, the trustee is right in objecting,Comment
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Will this person be at risk for losing one of the 3 vehicles seeing that the trustee objected?Comment
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The objection says... Debtors have claimed excessive vehicle excemptions.Does that mean we claimed to many vehicles or that the amount that they are worth is to high? Can my lawyer fight this? Thanks so much for the responses. I am really nervous now....Comment
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As I said above, it is a valid objection, as your state law allows you to only exempt 1 vehicle per person, if you are filing a joint petition, then you can exempt two vehicles. But you can only exempt them to the max value of $2400 each. Any amount in excess of that figure, will need to be paid into your plan, your creditors must receive any amounts that are not exempt, just like if you filed a Chapter 7.Originally posted by lasthope View PostComment
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What if you have three drivers in the household? Do they take three car exemptions then (I have an 18 year old at home who drives) or does it only take the number of people who are filing the petition for BK (me and my spouse)? I live in MO and we have 4 vehicles (very old and high mileage) and in total they are worth $11,500. Also, we have a $3000 tools of the trade exemption and one of them is used 100 percent for business (I deliver mail in it). Just wondering if we get two exemptions for the other three cars or if we can get three.CH13 filed 5/21/09; 341 6/17/09; confirmed 7/14/09]
Discharged: 7/25/12Comment
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Most likely you can only exempt the amount for the people actually on the petition.Comment
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what about in michigan? we have a 03 blazer paid for and a 2000 silverado paid for and a 06 honda motor cycle paid for.Comment
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