Personal Property

[buffs94]

Colorado. I have a truck which is paid for. It's worth $5000 retail and a little over $3000 trade-in. Am I in danger of losing it?

 

[Elmo-1]

If you're filing Ch 7 alone, Colorado's exemption is: "Motor vehicles used for work to $1,000 ; to $3,000 to get medical care, if elderly or disabled". Filing jointly you double the exemptions.

If you can't get the truck appraised at a value closer to your total MV exemption, you can pay the Trustee redemption for the FMV minus exemption.

And then there's Ch 13 for the employed brave of heart. If you have other assets that you want and can't exempt, you can keep them by filing Ch13. Hardly ever advisable, but in some cases it's a real option. My recommendation, borrow from family to pay the Trustee his redemption and stay away from Ch13.