Bankruptcy Exemptions
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Posted by Tori (68.64.107.183) on August 02, 2002 at 19:27:17:
I am preparing to file Chapter 7 (I live in NH)within the next few weeks. My car (93 Saturn-worth about $1200) is dying and I need to get a new car immediately, but I'm confused about the automobile exemption. I'll be trading in my Saturn and getting a used car. NH exempts $4,000 for a car and I don't plan on using most other exemptions, so I should be able to get an additional $7,000 exemption to put towards my car (my only real assett). Does this mean that I could only get a car that's worth up to $11,000 and keep it? How is the worth determined? Blue book value? I'm planning on financing the used car; expecting to take out a loan for about $7,000. Please help me! Also, do you think I need a lawyer or should I file on my own to save money?
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