cars pd. for- over exemption- Ohio

[seekininfo]

our cars are pd for. all in my husbands name. Will we lose them??

2000 Durango- private value- $4115

99 nissan quest- $3370 (just purchased this a few months ago for $2500)

96 olds cutlass supreme- wrecked & tranny slipping- but my 18 yr old drives it- fair is $1,290, no $$ value for poor

97 jeep cherokee- parked transmission out & other problems- fair is $3,000 no value for poor condition.

ohio exemptuion for ONE- $3225
wild card- $1075

does Ohio give extra for homestead?

value- $51,310
owe- $23,000

exemption- $44,000

[AngelinaCatHub]

This would be a Trustee Judgment call if you would loose any of them. You have about $4200 auto exemption. I would put that towards your best car. The second most valuable is only worth $2500, what you paid for it. ANYTHING is worth ONLY what a person is willing to pay for it. KBB only gives approximate averages. The cars less than $1200 or sitting broken are at this time value less. I would declare them so with explanation.

We had a 68 Chev Impala in our garage with locked up wheels, had not run for four years and my health was too bad for that four years to fix it. Stale gas and looked like what it was.

At our 341 the Trustee asked: "This 68 Chevrolet, what is it's value, I stated I'm not sure I could judge that sir. He said well, it could be worth 50K or fifty dollars depending on what condition it is in. If it has been restored and runs of course it would be worth something." We told him: "Well sir, it is a blue car that now looks green with mold. It has flat tires, has not run in four years, needs brakes and does not run, that is the best I can describe it." He simply said "very well". Then we finished the 341. The car was listed as abandoned.

Once my health got better, I jacked the thing up, and it took me two weeks to put brakes on it. Full hoses and cylinders and the works. An eight hour job for me once. I rebuilt the carburetor, and drained the gas. Pulled it out by chain from garage, got it running, lubed and tuned it, and sent it through a car was several times.

We sold it in one weekend for $4500. It was worthless setting there but cleaned up nicely. The value is always what a person would pay for it. We were honest with what we thought and stated at the time, but better health made the car good.

I would not fix your broken cars until your discharge and then make them run and sell the excess for your new start.

My opinion and story. 'Hub

[seekininfo]

the durango is probably worth less than the value listed as it has rust and a miss. but we will have to keep that as its hubbys

the van was purchased for me but looks like it might be a waste of $2500 now!

we REALLY need the vehicles, but what can ya do?
my son is a Sr and drives the OLDS to school/work

I thought I read that if you have extra in homestead exemp. you can use that towards other things. Am I dreaming, or was that for certain states?

[AngelinaCatHub]

Not knowing what state you are in I could not tell you. My point on my first post is; you probably will have those cars abandoned. Take pictures of the junkers and have them with you in your 341. The Trustee does not want to be bothered marketing junk cars. The ones not running are worth the weight and price of steel. The fact that you both need cars for work would be taken into consideration as their value is not that much over exemption. The son's car is junk. I'm not being harsh on the term junk but you have to consider what it is to a Trustee who has better pickings on better asset cases and does not have the time to sell junk. I would not consider those cars as any problem. Only my opinion, but the amount of bk's and volume of work the Trustees have, they can cherry pick better stuff from others. 'Hub

[seekininfo]

thanks again I am in Ohio, guess we will just see what happens. I dont work, but need the van for Dr appointments etc.

[tay666]

I'm in Ohio also, so I am familiar with the exemptions.
No, you don't get to use leftover homestead exemption for other things. (other states do, but not Ohio)
IF you don't use the homestead at all, then some other exemptions are higher.

Also, you each get to use a car exemption.
So each of you can exempt up to $3225 for a vehicle.
So you can cover 2 of them with exemptions, and then just see what happens with the rest of them.
I don't think there is enough value in them to make it worth the effort for the trustee.
Generally, if they can't clear about a grand on something, it probably isn't worth pursuing. (that is just a personal belief of mine, and I have nothing to back it up with)
But they would have to pay to have it towed, then auction it, etc, so I don't see it being worthwhile for those other 2 vehicles.

[seekininfo]

since all vehicles are in my husbands name, I dont get the exeption do I?

[tay666]

I don't think that matters.
You are married, and if you are filing a joint BK then all assets are owned by both of you.
But to be sure, it would be a good question to ask your lawyer.
Or if you don't have one yet, a good question to ask at a consultation.

[PoorNow]

Im not sure about your state, but in AZ, we can double all the exemptions for married couples filing jointly. Im not sure though on couples where only one spouse files.