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$1,000.00 exemption for car??

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    #16
    Originally posted by momof3b1g View Post
    So you are saying the trsutee takes an item that is exempt but they have to pay you the exempt amount? So if we exempt our vehicle for $3200, the lawyer can still take it? But would have to pay us the $3200?
    It's not that simple.

    What the Trustee, in this particular scenario, would rather do, is have you pay them the difference between your Exemption and the Value. That way the Trustee doesn't have to get involved in any sales transaction!!!

    The only time they will take property that has exemptions applied to it, is if a.) you don't want the property and/or can't pay the difference to keep it; or, b.) they can reasonably get the value of the property through a sale..

    That's my $2.00 Ameros.
    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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