wa exemptions - couple of questions

[christine12]

Hi there, I haven't met with a lawyer yet - still just doing the preliminary research thing trying to see what I'm in for and what all I need to prepare myself for. I have a couple of questions for anyone that might know the answers.

1. when they say wa residents may choose which exemptions to take, federal or state - can you take fed in one category and state in another? Or do you have to choose all federal or all state?

2. we currently have a 2001 chevy prizm that kbb.com has listed at 7K retail (I can't believe that! I thought 3 or 4K max) - we own it outright. I see that there is some provision in the federal for if you don't use your homestead exemption (we are so upside down on our house right now) that you can convert some of that to personal property, does that mean we will be able to keep our car?

Thanks in advance!
Christine

[creditheavy]

wa exemptions- prizm 2001

Hi Christine,

It seems that we too have a 2001 prizm and are in the process of filing chapter 7 here in Tacoma, WA. After looking at different websites on Google I have come to the conclusion that the resale value of our car is only 4,600.

Have you considered the wear and tare of a nine year old car? Mileage and body condition are important in determining the true value of your car. Also right now the car market is at a new low for used cars.

Good Luck,

Creditheavy

[StartingOver08]

OP, you can not mix and match Federal and State Exemptions - you choose one or the other depending upon which total exemption package works out best for you.

As to the vehicle - different BK districts use different valuations. You have to get that information from your attorney as to which valuation site your Trustee uses. Ours, here in Fl, uses NADA Retail.

Having said that, all the vehicle valuation sites value the vehicle HIGH. You, of course, don't want that kind of valuation. The best way to show the vehicle's 'true' market value is to get an independent appraisal for the vehicle where they take into account condition, milage etc. You will want that appraisal in writing and I understand that the cost is very, very reasonable. You can look on line in your local area for an independent vehicle appraiser. It is well worth it!

[CarrieOakey]

Another WA exemption question (if it's not too horrid to piggyback on the thread?):

Am I doing 522 (b) 2 or 3 ?! I can't seem to find layman's term definitions of either....

Thanks

ETA: never mind, found it! I need more coffee lol