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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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In NY State using the state exemptions I see that a vehicle

Resolved Question:

In NY State using the state exemptions I see that a vehicle is exempt up to $4,000. If I have 3 vehicles that add up to under $4,000 can I exempt them all or is the exemption for only one vehicle?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.
Hi JACustomer,
1) What is the current market value of each car?
2) What is the balance - if any - on the car loan(s) for each one?
Customer: replied 6 years ago.

One is $1,650 KBB value

One is $1,125 KBB value

One is $700 KBB Value

 

There are no loans on any.

Expert:  cfortunato replied 6 years ago.

The reason I asked is that a NY State Bankrutpcy filer can keep any car with little or no equity. However, if your cars have equity, you can keep only one with a value up to $4,000, per NY Cred. Debt. 282(1), which can be viewed here:

http://public.leginfo.state.ny.us/LAWSSEAF.cgi?QUERYTYPE=LAWS+&[email protected]+&LIST=LAW+&BROWSER=EXPLORER+&TOKEN=18056291+&TARGET=VIEW.

If you want to keep all 3 cars, you will be able to pay the value of the extra cars to the Bankruptcy trustee.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

 

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