Re: Re: Re: We have two cars...

Filing Bankruptcy Chapter 7 and Chapter 13 Personal Bankruptcy

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Posted by: Elmo on 07/29/03:

In Reply to: Re: Re: We have two cars... posted by: Gene on July 29, 2003 at 11:38:36:

Unless there's other exemptions that can be applied, you'll have to pay the difference ($5,100-$1,400=$3,700) to keep the car.
Remember, if you're filing jointly you double the exemptions ($1k vehicle + $400 wild card) x 2 = $2,800. Also, the value of the car is as much negotiable as it is KBB.
Comming up with the cash may be a trick unto itself. There's not enough personal exemptions in Ohio to leave that kind of cash in your checking account to work with the Trustee.
: Thanks sorry I forgot to the state its Ohio It says we are exempt for an auto up to $1000.00 the book is 5100 on this auto do you think we will have to buy it back.

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Subject  : Re: Re: Re: Re: We have two cars...

Comments:
: Unless there's other exemptions that can be applied, you'll have to pay the difference ($5,100-$1,400=$3,700) to keep the car.

: Remember, if you're filing jointly you double the exemptions ($1k vehicle + $400 wild card) x 2 = $2,800. Also, the value of the car is as much negotiable as it is KBB.

: Comming up with the cash may be a trick unto itself. There's not enough personal exemptions in Ohio to leave that kind of cash in your checking account to work with the Trustee.

: : Thanks sorry I forgot to the state its Ohio It says we are exempt for an auto up to $1000.00 the book is 5100 on this auto do you think we will have to buy it back.




 
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