is the auto an asset??

What is the name of your state? CO

I am currently in the process of filling out my paperwork for a CH7 . I plan on reaffirming my auto. I owe 18k but the blue book value is only11k. Do i still list my auto as an asset on the on the bankrupcty paperwork? Please help ASAP!! thanks.

[Ladynred]

Its NOT an asset, the loan is a LIABILITY, a debt to be discharged if you choose to include it. Since you're upside-down on it (owe more than its worth), its definitely NOT an asset.

thank you for responding ladynred.

i have one more question regarding how to list this auto. i am filing using ziinet and the software states it will list the auto as an asset because it is a secured debt. Do i list the auto as exempt under the asset area because i am upside down on the loan? the way i have it listed right now, it shows that i have assets of 11k even though i owe 18k on the auto. I have the 11k exempt on the form but i am not sure if this is correct. Any help at all would be appreciated...

Thanks,

[Ladynred]

I don't think so, but perhaps someone else can clarify. I have had a car loan in over 20 years, so I don't have to deal with it.
Since you owe more than its worth, you have nothing to exempt, you have NO EQUITY in the vehicle at all.

Are you planning on reaffirming the car ? If so, then you don't include the car with your debts, I guess in that way it qualifies as an asset, even though it is REALLY just another debt.

If you do not sign a reaffirmation on the vehicle, and you do NOT have to to keep it, then you can include the debt with the rest and have it discharged. As long as you keep sending the loan people the money, they'll let you keep the car. BUT, if you decide that you don't want to keep the car after all, then you walk away from it with NO liability whatsover afterwards.