Cars in a Chapter 7?

[NewPage]

So my sister is considering a Ch. 7. She recently purchased a new used truck, which of course she would want to keep. When figuring exemptions, is it a person's equity in the vehicle, or the sale value of a vehicle that is exempted? Having just purchased it, she has no equity at this time - she says she is upside down on the loan, actually.

Thanks!

[newbie2]

So my sister is considering a Ch. 7. She recently purchased a new used truck, which of course she would want to keep. When figuring exemptions, is it a person's equity in the vehicle, or the sale value of a vehicle that is exempted? Having just purchased it, she has no equity at this time - she says she is upside down on the loan, actually.

Thanks!

Equity determines the asset amount.