Pre-filing, Just recieved $6,000 from State Farm for totaled vehicle....

[johncock]

Curious as to how this maybe looked at. My car was paid off. In a no fault accident. The party at faults insurance company considered my vehicle totaled, and gave me a check for $ 6,000. Ohio has a $ 3,450 vehicle exemption. Also a $1,150 wildcard. We will be filing jointly, so I think I can double these exemptions and take my $6K and go buy a car with no worries up to $ 6,900 ???? Or can I only protect myself up to $3,450 ?

In addition, it's somewhat urgent, since I need a car!! Attorney can't get me in for another week. Seemed like a simple question to answer, via phone or e-mail.

We are a no asset, chapter 7 case. Have just retained an attorney, and we were advised to sit tight until the tax return was recieved, which we just got. I'm trying to avoid any trouble, and do the right thing.

Thanks in advance.

[AngelinaCatHub]

Your auto insurance is to "make you whole". Other than about $1400 above what you claim is exempt, you could replace your car up to that amount without question. It is not an asset above what you had in a paid off car. I doubt that would be questioned as you gained nothing more than you lost. Find a nice used car. 'Hub

[johncock]

What do you mean by $ 1,400...

Thanks for your reply. I'm not sure I understand what you mean by "other than about $1400 above what you claim is exempt". Are you saying that going above the $ 6,000 settlement by $1,400 would not raise any questions?
Thanks again.

[daylate]

If you buy a new car, make sure it is titled in both names-i believe without that you can't double the car exemption in Ohio. Check with your attorney but that is what I was told. Good luck.