automobiles

[roberto1959]

I am going pro-se and not sure how to file on my autos as I have equity in them. My pickup has a balance of 2000.00 and value of 13k. My wife's car has a balance of 9,000.00 and value of 18k . Most of my debt i'm listing is credit cards. I am filing chapter 7

[newbie2]

The equity is the amount they are valued less the amount of the loans. With the examples you wrote, the equity on the pickup is $11,000 and the car is $9000.

[roberto1959]

with this much equity will they make me sell them to pay creditors?

[sunshinepa]

It really depends on wether you have any exemptions to cover the difference. For instance, my car was valued at 8,500.00 and I owed nothing. My allowance for PA was something like 2400.00. I used Federal exemptions, had a wild card amount and also had money left over from my homestead exemption. This allowed me to exempt the difference.

I'm sure you have already looked, but double check your exemptions for either Federal (if you can use) or CA, that should provide the info you need on wether you will have to sell or pay trustee the difference.

[roberto1959]

I not sure where to check but I will look into it. What do you mean by wild card amount?

[sunshinepa]

Some state exemptions and the federal exemptions allow a "wild card" exemption.......meaning the amount is good for any property or cash. To find CA exemptions, just google bankruptcy exemptions in CA, that should bring it up. It should also tell you wether CA has federal exemptions. You can find the federal exemptions on the US Bankruptcy Court website.

[Pandora]

also be sure to check which system you'd benefit more from (CA has 2 Systems available).

System 1 the auto exemption is only $2725 (no doubling) - and no wild card.

System 2 the auto exemption is $3525, wildcard exemption available.

You'd have to be able to exempt all equity in both vehicles, otherwise the trustee may require you to buy them back.

[momofthree]

Federal exemptions are not available in CA. If you don't have any equity in a home, then you will be able to exempt the value of the vehicles in CA using the "wildcard."

You are allowed $3525 exemption towards an auto & $22075 "wildcard" towards any property (including autos, cash, etc.). These exemptions are in addition to household goods, jewelry, tools of the trade, etc. Most debtors don't have any issues protecting their assets in CA. ;)

To review the full list of exemptions, click here: http://www.legalconsumer.com/bankrup...-law.php?ST=CA

[roberto1959]

I just fill out my schedules and this wild card automatically assumed or does it have to be listed?

[momofthree]

Are you a pro-se filer? If so, then you have to list the exemption being applied to each item on your schedules. If you've hired an attorney, he'll take care of that for you, you just need to provide the info on your vehicles for him.

[roberto1959]

Pro-se here

[Pandora]

Have you purchased the NOLO book so that you have a better understanding of what steps you should be taking? If you're going to file pro-se - its the one book you should have above anything else

[roberto1959]

Yes I have and it has been very helpful. Had the most problems with filling out schedule c but I think I have it now. Thank you for all your help