Tennessee automobile exemptions?

[purpledaisy1005]

Hi i wanted to know if any of you know if an automobile has a certain exemption or is it just part of your personal or wildcard in tennessee? I have a 2004 kia sorento lx. it has 105,000 miles and in good condition. im not sure what they would consider the value of my car i only paid 7000 for it from an auto dealer. if its taken away as part of my over exemption amount or something then i will be left with no reliable vehicle. My husband has a car but its barely running and wouldnt sell in our yard for more than 800 i wouldnt think. But if i use all my personal exemptions and wild card to keep my car then i wont have any personal to keep my clothes and house hold goods? anyone expierence this?

[lrprn]

Hi i wanted to know if any of you know if an automobile has a certain exemption or is it just part of your personal or wildcard in tennessee?

Here's a link to the Tennessee exemptions - http://www.bankruptcyinformation.com/TN_exemp.htm

There is no specific auto exemption for TN but there is a $4000 wild card that can be applied towards the car.

The problem is that you don't have a written and witnessed loan contract with your dad. Since he paid your car off, that means the entire value of your car minus $4000 is now open to seizure by your trustee.

Typically under the circumstances two things will happen. To keep the car, the trustee will either ask you to pay him/her the value of the car minus $4000 or will seize the car, sell it, and give you $4000. The first option is typically what occurs because it's easier for the trustee.

You need expert legal advice from bankruptcy lawyers who are familiar with how the trustees in your local court will respond to this situation. Set up free or low-cost initial consultations with 3-4 bankruptcy lawyers in your area and run this situation along with any other questions you have by them. You'll get an excellent idea of what to expect if you bankruptcy.

Keep asking questions - we'll help you sort things out as much as we can.

[CindyLou]

go to edmunds.com and click "appraise your vehicle"..I ran your car and it looks like the trade in value is not much more than 4500......retail is 6800. that is for "average" condition. If the car needs any work at all you can deduct that from those values. You might not be too car away from the 4000.

Run it and see.

[purpledaisy1005]

well that sucks. i have hardly made 3 months of payments on the thing and will end up having to pay a big lump sum on top of that to get to keep it plus contiune to make payments for 5 yrs. Oh well. But my dad wrote a check to the car dealer technically the car should just be his every dime was his money but we went ahead and put it in my name. I guess we shouldnt have done that! laws can be good, but they can be so screwy too. Is there any loop holes in this situation at all? He purchased it right under 4 months ago with funds in his name, any contracts that we can make out now ? i have only paid bout $500 to him. This is just all way over my head. anyways So which value of my car are they looking for? If i go to kbb.com i can do private seller, trade in, or what it would sell for on a sales lot.

[purpledaisy1005]

thank you cindy, so at the edmunds site am i looking for retail, trade in, or private seller? which amount does the trustee consider my cars worth i guess is what i am asking?

[purpledaisy1005]

is there any contract we can draw up or anything i can do with my dad showing i owe him this loan for a car. can he be one of my creditors? can i reaffirm with him? i have all needed paper work proving he paid for the thing. anything at all can be done? I wish i had time and money right now for a lawyer, but my job hours are the same as the lawyers round here. I cant take anytime off right now.

[ssdsco]

is there any contract we can draw up or anything i can do with my dad showing i owe him this loan for a car. can he be one of my creditors? can i reaffirm with him? i have all needed paper work proving he paid for the thing. anything at all can be done? I wish i had time and money right now for a lawyer, but my job hours are the same as the lawyers round here. I cant take anytime off right now.

This is way out of my realm of knowledge and you would need to discus with a BK attorney but perhaps your Dad could put a lien on the car.

[purpledaisy1005]

ok, so lets say the day comes and my car is assumed to be past my exemptions by $ 2000. From what i read on here i can pay the trustee $2000 and get to keep it. so my question is dont they make you list all your cash and bank accounts and things in your assets? If so wouldnt that cash i have to pay the $2000 to the trustee just qualify as out of my exemption also? Where would someone filing bankruptcy come up with a lump some of money like that? or do you get put on a payment plan for it or what. Im confused as heck and most things arent adding up or making much sense.

[FreshLikeADaisy]

Purpledaisy, I don't know the answer to your specific questions, but it sounds like you're just lost with all the details involved with this. You WILL need specific legal advice regarding the car, I can tell you that right now: it involves property held informally between you and your dad and since it's titled to you, it is technically an asset that *you* own and therefore fair game for a bk trustee. So at some point, even if it's not right now, you really do need to see an attorney.

But in the meantime, I'd really like to recommend the Nolo Press book on Chapter 7 bankruptcy. It is very good about spelling out the basics on what is involved in a bankruptcy and how it operates in general, and I think that would help you a great deal in understanding the process so you don't get all caught up in the details. Check out this thread for the details:

http://www.bkforum.com/showthread.php?t=7922

Please note that there's a newer version out now, but otherwise the details are the same. You can also get it straight from nolo.com (it's cheaper if you get the download version from there). Just a suggestion, but I really think you could use the whole sit-down-and-explain-this-to-me that the book offers. Good luck!