Auto exemption value

[jacko]

The Nolo guide is a bit confusing on the car exemption value. When you list your primary vehicle in your BK forms, do you list the dealer trade in value or the private sale value or the listed dealer retail value?

[WeIzBankrupt]

in my case the trustee wants retail value...dont know why though---who would buy the care for retail??

[StartingOver08]

Each district has their own valuation methods. In Fl the Trustee's use NADA Retail value. Just like the previous poster said, who would pay that?

Some districts use KBB. Not all districts use Retail value. This is a jurisdictional thing. If you are short on exemptions, you could get an independent appraisal of your vehicle and use that - as long as it is from a third party and not a friend.

[nickifan]

I would just like to know who the idiot politician was in New York who decided that property exemptions for cars cannot be more then $2400????
When the trustee gives that back, what are you expected to buy for transportation? A bicycle?

Other states are far more generous about this...NY is supposedly such a liberal state. How did this very punitive amount ever get approval? And why didn't NY allow the choice of a federal exemption?

I used to live in NY and I'm in another (more generous) state now...but I won't qualify for two-year residence for another six months, and I don't think I can survive that long to try to file Chap. 7.... So I guess if I really want to keep the car (7-year-old Toyota but still worth far more than $2400) I have to choose Chap. 13?

It is soooooooo aggravating....

[pcn]

Ha! Try AL's TOTAL exemption of 3k for sucky. But also sorry for your problems too.

[simplicityof]

I would just like to know who the idiot politician was in New York who decided that property exemptions for cars cannot be more then $2400????
...

The exemptions haven't changed since I think 1995. There is a bill in the works which will raise the car exemption up to $4000.
Bill# A08735 if you're interested.

[OHBOY]

('nickifan'quote):" I would just like to know who the idiot politician was in New York who decided that property exemptions for cars cannot be more then $2400????
When the trustee gives that back, what are you expected to buy for transportation? A bicycle? "


Ha...how about the $ 1000 exemption in Florida (also no federal exemption...)

[DeadManCrawling]

Until this year, Florida was limited to 1k auto exemption and 2k property.

Totally useless.

Now, we have a 4k wildcard, if not claiming a homestead, and it can be doubled for couples. So, it benefits us. For homeowners, though, it is still a horrible limit.

[jacko]

In Minnesota, the auto exemption is $4200. I think the auto exemption should be raised to $10,000. You don't want clunkers and unsafe vehicles on the road.

Also, I can use the federal exemptions with two wild cards.

[OHBOY]

'Deadmancrawling':".....Until this year, Florida was limited to 1k auto exemption and 2k property."


Please allow me to point out that actually the personal exemption in Florida is only $ 1000 per person, double that for husband and wife.

[coolmom04]

How do I find out which value NC wants to go by? We have a car that is owned outright that is worth anywhere from 3,000-4,500 depending on whether you use edmunds or KBB and whether you use trade-in, private or dealer resell value. So annoying.

Our state has a $3,500 auto exemption and a $500 wildcard that we could use... but if they want the dealer resell or private party resell, then we are screwed, eh?