Auto Exemptions

[Inthestorm]

I understand(?) that you're allowed one vehicle per driver? Is that MINUS the work vehicle, which is solely used for tools & supplies? Is a 15 year old teenager with his learner's permit considered a "driver?"

[BobMango]

I don't think it matters how many drivers you have, generally it's one vehicle per filer, but some states could spell it out differently. If you let us know what state you're in you might get some more specific advise.

Federal exemptions allow $3225 for one vehicle. The exemption can be doubled if filing jointly, so you could protect two vehicles up to $3250 each.

You need to check your state's laws in this regard.

[Inthestorm]

We're in Georgia. Both filing. Have one 16 year old car worth 1,800 (maybe less since the back was hit and the bumper doesn't match?) a Nissan Titan that we owe less than $5,000 on (the bumper is a little crunched) and a box van that is used entirely for business. Also want to keep 3 horse trailer, '06 model, getting rusty, rack broken, front crunched a little. I have no idea how to find the value of it.

Will they take the difference of the car value and apply it something else?

[ItIsWhatItIs]

Just retained a lawyer to start the BK process. Am very nervous about this process and have alot of questions. One that applies to this thread is about our cars. My husband, 16 yr old daughter and myself. We live in Califonia. We own a home, but at this point I am pretty sure that we have no equity (I just started this process a couple of days ago). We have three cars that we need and a fourth that is kept at my parent's vacation home in Arizona, a 1952 Willys Jeep that I think is worth about $1500. Our needed cars are 2003 Ford Expedition Kelly Blue booked at about $8,000 a 2003 Ford Focus valued at about $2500. and my daughter's car ( a gift form my parents to her, but in our name) 2008 Ford Focus valued at about $10,000. My husband and I both need our cars to get to work and my daughter to get to school. Is there any way that we will be able to keep all three cars. I think it just isn't fair if a single filer and a family of numerous people have the same exemptions (at least I think that this is the case, correct me if I am wrong). We also have a 2003 Seadoo that I can only guess at the value, maybe $3000. Can any one tell me how I come to the value of it and will I have to get rid of the Seadoo? If so, how, it is located in Arizona and no one is buying "toys" like this right now. How does this work with the trustee, does the court take it and sell it? Thanks and sorry for all the questions. I just have so many....

[vxbabi]

We have 2 car loans, one recently bought Honda Odyssey and a civic that will be paid off in May 2010. We plan to file Chapter 7 6 months from now but want to keep the 2 cars and continue paying for it. How will these 2 loans affect our filing for Chaper 7 or 13?

[goneunder]

Same boat here, 3 cars mine, wife's and college students. Lawyer said one has to go but he will try to get all three through. My car is a paid for POS worth maybe $500 the other two are financed and negative. Don't know what to do because if we let one go back we cant get financed (nor do we want to) on another, and don't have cash to replace the beater.