Car exemption question

[mike258]

I will be filing Chapter 7 in late May. I have the following vehicles.

2005 dodge van (in my name, $8,625 value, owe $8,000)
2005 honda motorcycle (in my name, $4,550 value, owe $3,300)
2004 Buell motorcycle (in my name, $1,850 value, no loan)
1962 Corvette (in wife's name).

My biggest question is the Corvette. I have no idea what the value is. This car is complete inoperable, has no transmission, a siezed engine, no electrical system, etc. Its basically a frame, body and non working engine. I registered / insured it in 2004 so i could transport it, and when i got the excise tax bill, the state put a value of $575 on it. I car like this, fully restored will go for $40,000 or more.

Will the trustee see a 1962 corvette and say, "thats mine" or will he take into account the condition, and that it's not worth much in it's current state.

I could care less about the motorcycles...

oh, I am in Mass.

[StartingOver08]

Looks like you can exempt up to $3225 in automobile equity in MA

Try getting an independent appraisal/valuation of that old vette in terrible condition to show the Trustee so the trustee will leave it alone. Another poster on this site said the auto appraisals are not expensive. Check your local area for vehicle appraisers. Make sure it is written so you have back up to submit to the Trustee if necessary.