what happens to car?

[moo]

We have not filed yet, but are planning to . We are having a car given to us that is paid for, but only worth maybe 500.00. It runs, but lots of rust and a lot of little things are wrong with it.

Would the car fall under our exemotions or would we have to turn it in to the trustee? We are very simple people and don't have a lot of stuff to begin with.

Thanks for the input.

[StartingOver08]

Do you know what your exemptions are for your state? At $500 for the value of your car, it sounds like you are ok, but it is best to check your States' exemptions first.
Check here: www.legalconsumer.com

[moo]

If I am reading the exemptions correct in Michigan we get 3175 for auto exemptions. Who determines the value of the car? We will have a 2nd car we will be reaffirming that has about 2500-3000 equity. With the other car it may put us over our allowed exemption. Does anyone know if Michigan has a wild card for exemptions? I looked on the cite listed in the previous site, but I did not see one.

[nerves]

You get double exemptions if you are filing jointly on the car so it appears you should be okay based on federal exemptions. Hope this helps. The following link has some info.

http://www.thebankruptcysite.org/exemptions/federal.html