Buying Your Car Back from the Trustee

[SuzieBK]

My husband's car is paid off and the value is a couple of thousand more than our exemption. Our attorney put down that it's only worth our exemption amount, but I expect that to be challenged. My husband really loves the car and would hate to give it up. Am I correct in thinking that we could buy it back from the trustee for the difference? And if, let's say, the trustee valued the car at $2,000 more than the exemption, we could offer $500 to buy it back? (ie, we don't have to offer the actual non-exempted amount)

Thanks!

[HHM]

1. Yes, you can buy back non-exempt assets.
2. The amount you will pay is a negotiation. The trustee can demand you pay the entire non-exempt amount. This issue comes down to a valuation issue. How you win this game is take the car down to an auction business and have them appraise the vehicle.