I owe a 2003 car with 150,000 miles - it is in need of repairs as well. Been told that I must use the condition of "good" from Kelly Blue Book as its appraised value. The car is not in good condition. Where can I find the exempt amount for a car in NJ?
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We use the Federal Exemptions in NJ. Depends on if you are married. I think it's 3450 and filing jointly, so if you are married, you may double that.
Will be curious to know if an argument might be made for condition of car. Mine's a beater lol...
Keep On Smilin' -
Thanks - my lawyer put the appraisal much higher but is telling me the amount is exempt. I have alot of equity in my home which will be sold due to the amount of debt I have and my significant reduction in income. Am I correct in that the federal exemption amount totals somewhere around $20,000? Does that mean the additional value of my car will come out of that federal exemption of $20,000 (thereby, reducing even further what I take away from the sale of my home)?
Lawyer says I can pay to get car appraised if I want to pay for it - the car is beat - needs tires, brakes, heater/air conditioning don't work, there are electrical problems. Lawyer says I must use condition "good" kelly book value.Comment
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21,625 for homestead, again doubled for joint filers, plus a 10K+ wildcard. I was told this week by a lawyer that we can stack exemptions in NJ so if you are giving up your home, chances are you are very safe.
Hazarding a guess here that the tt won't want your beat up old car regardless--- apparently there is one real buster here in NJ- every state seems to have one- so just hope you don't get him.
Keep On Smilin'Comment
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Is the trustee in North or South Jersey? What applies to the $10K wild card exemption? (I am not married so no double amounts for me.)
My car is a joke - there are four drivers in the house (three kids and me) and just the one car - at this point the car insurance (good old new jersey) costs more than the car is worth. Don't get me started on property taxes....Comment
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Just this minute added my ds to my insurance- he just walked in from the dmv- and it went up by 50%. And that's with all the discounts for good student etc, and before they pull a credit report--- aargh, hoping State Farm isn't going to hold my trashed credit against me when I've had a great record with them for 25 years.
This guy is in North Jersey but chances are he or his doppelganger will show up by you too- I will pm you his name.
The attorney told me I should be able to save my bonds by using the wildcard combined with any possible left over equity- depends on whether he will fight me on home value, but as she pointed out, there is a backlog of homes and a 2 year foreclosure timeline in NJ at the moment, so he probably won't want it. (crossing fingers)
If you give more info as to home value and how you arrived at it, others who are far more expert than I (a newbie myself) will chime in.
Keep On Smilin'Comment
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I had to use kelly blue book too. I told my lawyer that's a joke. I paid 1250 for my car 5 years ago and kkb says it's worth 1205. Right - with the driver's side mirror sideswiped off and someone backing into me so it needs a new front fender (had to break off part of it because they crammed it into my tire) and the additional rust and paint flaking off, I'm sure I could sell it for 1205. But, since it doesn't matter in my case as I am way under the limit (unemployed for over a year) I let them go ahead and list it. I almost feel like taking a picture and giving it to the trustee and asking if they think they could get 1205 for it! But, I won't of course.Comment
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