Chapter 7 & my vehicle

[cassie3783]

Same song, different dance.  Got in over my head, now I'm researching filing chapter 7.  I fall below the income guideline for the state of Georgia as I make 40k a year for a household of 3 (myself & 2 minor children).  My question is this: I have a 2006 vehicle that I own free & clear worth approx. $3.5K according to KBB (dealer trade-in).  According to the Georgia bankruptcy exemptions list, I can only exempt a vehicle up to a value of $1K.

Basically, what the eff does that mean??  I can't be without a vehicle; I work an hour away from my house & have 2 kids to shuttle around.  it's not like it's a fancy vehicle worth a whole heck of a lot.

[krielly]

not sure where you are finding this info but doing a quick Google Search on Georgia Exemptions, every result I find states it's 5K, not 1K.

[cassie3783]

well that makes me feel better except...........

about 3/4 the way down next to "Personal Property"

http://www.georgiabankruptcy.com/exemptions.html

[bstone]

Speak with an attorney, this is one of those cases where you shouldn't go at it alone.

There may be wild card exemptions available, which is extra exemptions you can place anywhere.  The trustee may "settle" with you and have you pay a certain amount to keep the asset.

Set up a consultation with an attorney and get their advice.  They will know the laws in your area much better than anyone here, especially given this situation.

[DE2TX]

http://law.justia.com/codes/georgia/2010/title-44/chapter-13/article-2/44-13-100

44-13-100(a)(3)

(3) The debtor's interest, not to exceed the total of $3,500.00 in value, in all motor vehicles;

You can ask on AVVO if you want more clarification, but I don't see anything, aside from your link, that supports the $1K claim.

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@cassie3783 wrote:

well that makes me feel better except...........

about 3/4 the way down next to "Personal Property"

http://www.georgiabankruptcy.com/exemptions.html

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