Chapter 13 - 4 vehicles - So. Calif.

[needadvice1]

Good morning,

I havent officially filed for chapter 13 but I had a question regarding my 4 vehicles. Will they take my vehicles in chapter 13? I reside in Southern California.

1. 2007 Toyota Yaris - I owe 10K. Not included in the chapter 13.
2. 1992 chevy Astro - paid for - valued at $1,800
3. 1965 Mustang - paid. good condition - value $5,000
4. 1996 Geo Metro - paid. value $600

Unsecured $90K - lien stripping 2nd mortgage & CC debt - $290 payment

Thank you,

[justbroke]

Good morning,

I havent officially filed for chapter 13 but I had a question regarding my 4 vehicles. Will they take my vehicles in chapter 13? I reside in Southern California.

1. 2007 Toyota Yaris - I owe 10K. Not included in the chapter 13.
2. 1992 chevy Astro - paid for - valued at $1,800
3. 1965 Mustang - paid. good condition - value $5,000
4. 1996 Geo Metro - paid. value $600

Unsecured $90K - lien stripping 2nd mortgage & CC debt - $290 payment

Thank you,

They won't "take" them in a Chapter 13. However, you'll be required to pay your unsecureds at least as much as they would get, had you sold 2 of them.

I would keep the 2007 Yaris in your means calculation (because you're in Chapter 13).

The first thing for CALIFORNIA is this question... are you trying to protect a home? Well, I should say, are you trying to protect EQUITY in your home. From what I can deduce, you stripping a 2nd mortgage means that you're upside down and have NO EQUITY in your home.

This means that you won't need the homestead exemption for your home, and can apply the GENEROUS $20K "unused" homestead exemption as a wildcard. Combined with the other general wildcard, and auto wildcards, I would say you have a chance at exempting everything. This will depend on all your other property (furniture, computers, appliances, etc.)