Confused about vehicle

What is the name of your state? California
Had my initial consultation and attorney said I have to list my vehicle so it can be protected. It is free and clear ( put the original loan on a credit card), and worth 8,500. From what I've read here Ca allows a single like me a l,800 exemption. I read that to mean the trustee will take my vehicle to pay my over 50,000 unsecured debt, since I have no other assests, and then give me a check for l,800. So how come everyone says I can keep my vehicle.. and just what did the attorney mean by protect it? Just wondering

[Jeter]

You will recieve an $1800 exemption and the remaining equity in the car can be protected under the wild card exemption. This is used mostly by people with little or no home equity. It normally allows $15,000 for home equity, but this can also be used as a "wild card" if not used to protect home equity. With the $800 wild card allowance, this permits the debtor to use $15,800 for property that is not specifically exempt on the schedule. That will protect the remaining equity in your car.


Jeter

Thanks for the info Jeter but I forgot to mention that I own a home and land with at least 40,000 equity, maybe more. From what you said I may lose both the 8,000 vehicle and and the home? Just wondering... thanks

[bigun]

You mean you asked a lawyer about your car but you didn't ask about your home and real estate? I'd suggest calling the lawyer and get another appointment and lay out the entire situation.