Hi, Can anyone confirm what exactly are the exemptions allowed in Illinois? My understand is that it is $2,400 per auto and then a $4,000 wildcard. If a married couple is filing jointly and have 2 cars, then they are allowed two $2400 auto exemptions and also 2 $4,000 wildcard exemptions?
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Yes. $2,400 x2 & $4,000 x 2. -
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Deduct Estimated Car Maintenance/Repairs from Appraisal Value
May be filing chapter 7. Both cars are drive-able, but need maintenance and repairs. They're German, so maintenance and repairs are expensive.
Will a trustee allow one to deduct anticipated maintenance and repairs from the equity of the vehicle?
We are hoping to end up with zero equity after taking the exemptions and deducting for anticipated maintenance and repairs.Comment
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You can't deduct maintenance from the equity. That would be an expense looking forward.Originally posted by appleae View Post
If the cars need repairs though and the cost of the repairs would affect the value if you were to sell them, then by all means reflect that in the value of the cars. Example: Car would be worth $10,000 to a buyer instead of $11,000 because of body damage.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.Comment
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Our attorney used the lower trade-in value of the vehicles, but stated that needed repairs could not be deducted from the value.Comment
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