When and how does the trustee decide what assets to take

[Geeznowwhat]

Lets say that I have 2 cars. On worth 5,000 with a 5,000 exemption. One worth $300. Basically scrap metal it is such bad shape.

Sorry...this is posted in wrong place, I think.
If the trustee decides the second car is actually worth $3000. Can the trustee decide to take the 5000 car to cover it leaving me with with the piece of junk?

Is the actual item with the valuation in dispute the only item he can take? Or can he pick and choose among your assets ... Basically cherry pick ?

When does the BK person find out? How do they find out?

Sorry this is posted in the wrong place, I think.

[justbroke]

That which you exempt is exempt by law unless the Trustee challenges the claim of exemption and is successful and having that exemption limited or denied. The key is only in which statutory (under the law) scheme for exemptions you have claimed and whether the property is really worth the value you indicated. In your scenario, the Trustee wouldn't want the $5,000 vehicle against a $5,000 claim of exemption! They'd just want the $3,000 second car (from your scenario).

The Trustee only has 30 days to file an objection to claim of exemption (from the 341 Meeting of from an amendment). You would know because the process requires the Trustee to formally object through the service and filing of said objection.