1994 car being exempt

[coolgurka]

I only have one fully paid off car, a 1994 Acura Integra. Would they allow me to keep that since it is my only means of transportation?

[hamburgervol]

Yes.

[tinfoilhat]

I'd say no. Depends on what it's worth. They don't care if it's your only means of transportation. You can walk right?

http://www.bankruptcyinformation.com/CA_exemp.htm

[MrSmithster]

YES! use it in your exemptions, your allowed approx $20K in exceptions. i kept my 1997 Honda CRV that was paid for. i think you use system(or is it schedule?) 2 for your exemptions to avoid the transportation cap.

[CH33 Paralegal]

you're not allowed 20K in exemptions on just any old item.

You're allowed $3500 on a car. if the car is worth a little more...it's an integra, can't be worth more than 5000 now, then MAYBE the trustee could find a buyer for 5K, but how long will this need to be listed, and how much money in the long run will really be generated in the effort of selling the car.

The trustee works for the unsecured creditors to try to generate money for them. They want to find things like R/E with loads of equity, they want to find trusts, they want to sell toys, they want to move things that can generate some money.

One thing to remember that while the trustee is trying to sell your asset, he's definitely not selling anything else at that point. His main interest is in high dollar situations, not ones where he has to scrounge for an mid-90's integra aficionado, which is the only type of buyer that would buy a 94 integra for 5K.

[coolgurka]

Thanks guys for the input.

I am in CA and am now checking to see what the exemptions are, for car and for total. I have no other assets(house in process of foreclosure) Unemployed for 2 years.Single.

I won't get much for the 1994 Acura integra that much I know. Do I have to show blue book value proof in order to claim it as an exemption?

What if I "sell it" (give it away to a friend who lives nearby , i plan on moving overseas in mid august right after filing) How many months do i have to wait before i can file once I sign it away/sell/give it away?

[tinfoilhat]

Thanks guys for the input.

I am in CA and am now checking to see what the exemptions are, for car and for total. I have no other assets(house in process of foreclosure) Unemployed for 2 years.Single.

I won't get much for the 1994 Acura integra that much I know. Do I have to show blue book value proof in order to claim it as an exemption?

What if I "sell it" (give it away to a friend who lives nearby , i plan on moving overseas in mid august right after filing) How many months do i have to wait before i can file once I sign it away/sell/give it away?

You have to sell it for fair market value, then spend all of the money on necessities.
Give it to someone and I think you're screwed.
Pretty sure if you give it away, you have to give the trustee the money you could have sold it for.

My biggest hurdle right now is my car, if I file and they take it they're prying it from my cold dead hands.

I was recommended to get an appraisal. I don't know if you have Carmax dealerships over there, but they buy cars and offer dirt in exchange, I was told to take my car there right before filing to get an appraisal.

[EverHopeful]

I will take it to Car Max then and see what they have to say. Thanks for the suggestion.

There is a 95 percent probability that I will go to live overseas in Europe right after i file in August. I was going to sign over the car to a friend (before I considered BK ,in order to keep the car in case I come back to the US for vacations etc, I can use the car)

I guess I won't sign it away now and if i have to give it up, then so be it! I can only hope it is classified as a clunker and worthy of being an exemption.

I read the link someone on this thread sent and still cannot figure out the EXACT amount of $$ I can claim as an exemption for the car, $2,275 for CA??I must be slow thinking today.

[EverHopeful]

Thanks AT!! I will check NADA I too am anxious as to the value of my old car for Ch 7 purposes

[coolgurka]

you're not allowed 20K in exemptions on just any old item.

You're allowed $3500 on a car. if the car is worth a little more...it's an integra, can't be worth more than 5000 now, then MAYBE the trustee could find a buyer for 5K, but how long will this need to be listed, and how much money in the long run will really be generated in the effort of selling the car.

The trustee works for the unsecured creditors to try to generate money for them. They want to find things like R/E with loads of equity, they want to find trusts, they want to sell toys, they want to move things that can generate some money.

One thing to remember that while the trustee is trying to sell your asset, he's definitely not selling anything else at that point. His main interest is in high dollar situations, not ones where he has to scrounge for an mid-90's integra aficionado, which is the only type of buyer that would buy a 94 integra for 5K.

Yep, the car is worth 3500 on the NADA site with 194,00K miles on it today, by the time i am ready to file in august, mileage would be higher and it would be worth less than $3500 under System 2 of CA exemptions!! Hurray, I think I can swing it for my car being exempted!!( its is also not in that great shape, some dents, creaks and all but it runs fine, my old faithful)

[Lindsay]

Our lawyer told us to get the Kelly Blue Book private party value for our 5 year old truck! Its way higher than the truck is worth; I think we're going to be screwed!

[MrSmithster]

i beleive in calif if you use system/schedule 2 for exemptions, you do have a wild card exemption of $20k that can be use for most any owned and paid for items as long as you dont own a home and didnt just buy the items. go to the exemptions posts area of this site for info in calif, many posts say the same. and as i mentioned, it worked for me. im a no asset, chapter 7, & passed means test.

[mkuki]

Yep, the car is worth 3500 on the NADA site with 194,00K miles on it today, by the time i am ready to file in august, mileage would be higher and it would be worth less than $3500 under System 2 of CA exemptions!! Hurray, I think I can swing it for my car being exempted!!( its is also not in that great shape, some dents, creaks and all but it runs fine, my old faithful)

I have no idea where u got the $3,500 pricing on NADA...

I checked it and the "rough trade" for a GS-R in zip=90210 is $1,550. No keep in mind the GS-R is the most desirable and based on your comments above (i.e. Dents, creaks etc) made me put it as "rough trade"

From what my attorney told me, the vehicle is priced as per TRADE IN value, since that is near what it would be sold for in an auction. This means that your car is wayyyy below the car exemption, so you should be good

[mkuki]

Our lawyer told us to get the Kelly Blue Book private party value for our 5 year old truck! Its way higher than the truck is worth; I think we're going to be screwed!

get another lawyer....LOL!

[coolgurka]

i beleive in calif if you use system/schedule 2 for exemptions, you do have a wild card exemption of $20k that can be use for most any owned and paid for items as long as you dont own a home and didnt just buy the items. go to the exemptions posts area of this site for info in calif, many posts say the same. and as i mentioned, it worked for me. im a no asset, chapter 7, & passed means test.

Mr Smith, what if I have a house i am foreclosing on included in the BK 7. (technically own a house) Does that mean I cannot use system 2 and the wildcard exemption then? I guess regardless, I can still use the 3500 for the car exemption ??