Truck is paid for. will they take it?

[linnzy]

Please help. I was confused, researched more, thought I understood, now I am so stressed I don't know if I can think straight so I am asking for some help.

My husband and I are planning on filing for Ch. 7 next month. We are in California and will be using the homestead exemption of $75000. We have a truck that is paid for. It is the only car or truck in our name. KBB comes in much higher that we feel it's worth. (KBB has $6840 to $10,000) We think $4000 is optimistic. (all warning lights are lit up on the dash, but it's running ok. has many scratchs and dings - was a work truck at one time and has $175000 miles on it. it's a 2003 gmc sierra). Anyway, with this being the only vehicle we own, will the trustee take it?
What are our options? Anyone?

When I looked at the exemptions for calif. it appears that we only get $1900 for a vehicle when using the system 1 exemptions? is that correct?

[jribe]

do you own a house that you are keeping? If not- you can use the homestead exemption to cover anything else. We are in CA as well- no house. So we're using the 20k exemption for the rest of our stuff that's not covered by other exemptions.

[AngelinaCatHub]

Linney:

From what you have discribed, your machine is in poor shape. 175K is almost it's life. I sure would not purchase what you have at any price.

That being said, tell your lawyer when you file. After all if you have any job, you have one means to get there. The Trustee may abandon the unit. We had one abandoned.

Understand, you are not the first, and you surely won't be last. You will do fine. 'Hub

[linnzy]

Thank you for the reply. I didn't know that they could abandon it. That's good to know. It's been a good truck but yes, it's end is near, we just don't know when that will be. After speaking to my husband we've decided if they want to take it from us, so be it. We'll just have to deal with whatever happens.

We do have a house that we are keeping and we will need at least $55000 of the $75000 homestead exemption. Actually, my husband and I are letting the bank have the home that we've lived in for 11 years and we are moved back to a home that is in both mine and my brothers names. We are able to use the homestead there.

Everything gets complicated when other people are involved. We also have a little trailer that we sold to a friend last summer. He paid us a few payments on it but the title was never transferred. Now I have to deal with that and I don't know quite what to do. I can show on our bank statements the deposits from when he paid us. Do you think that will cause a problem?

I know I'll have to talk to my lawyer, but any opinions?

[TEW]

Thank you for the reply. I didn't know that they could abandon it. That's good to know. It's been a good truck but yes, it's end is near, we just don't know when that will be. After speaking to my husband we've decided if they want to take it from us, so be it. We'll just have to deal with whatever happens.

We do have a house that we are keeping and we will need at least $55000 of the $75000 homestead exemption. Actually, my husband and I are letting the bank have the home that we've lived in for 11 years and we are moved back to a home that is in both mine and my brothers names. We are able to use the homestead there.

Everything gets complicated when other people are involved. We also have a little trailer that we sold to a friend last summer. He paid us a few payments on it but the title was never transferred. Now I have to deal with that and I don't know quite what to do. I can show on our bank statements the deposits from when he paid us. Do you think that will cause a problem?as long as they paid fair market value it's not a problem.

I know I'll have to talk to my lawyer, but any opinions?

make sure you know what the trailer is worth.