Screwed

[whywhywhy]

Long story short,


I moved to WI from OH in January. My attorney had me buy an old car before I filed so that I didn't have to reaffirm on my other, more expensive, one. Attorney failed to mention, and probably didn't know himself, that I had to use the OH exemptions. OH exemptions are much lower than WI (at least when you have as little personal property as I do) when it comes to motor vehicles. The car is probably worth about $2000.00, OH exemption is $1000.00. I'm going to end up losing it, aren't I?

[keepmine]

Doubtful. The car really isn't worth $2K once the trustee factors in the costs of selling and then has to pay you the exemption amount. Very likely they'll abandon it. Worse case, you may have to redeem a small portion of the value.

[CindyLou]

your car is not likely worth what you paid! chances are it needs repairs too....as does any used car. go to edmunds.com and click appraised your car. use that as your guide. Also you could take your car to a mechanic and get estimates on any work or repairs it needs to bring it up to par. I would use edmunds and try to value somewhere between 1000 and 2000 and you should be fine! I wouldn't worry. The trustee isn't in the business of taking these types of cars. It would be different if you paid 5000 or 10000!