Q: If wife and I file a chapter 7 will we lose our vehicle if the private party value is $15,500 in Colorado ?
A:
You may be able to keep it, although there is a possibility that the trustee will want to sell it. If you have any financing, that needs to be taken into consideration. The federal vehicle exemption is $2,400 for one vehicle (of the portion you own, the equity). Federal also has an additional wildcard exemption you can use up to $13,100, depending on what other assets you have. This question requires a more complete analysis which an attorney can provide after reviewing your financial situation more thoroughly.
Information provided for informational purposes only and should not be taken as legal advice.
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A: The Colorado Vehicle Exemption is $7500 per individual. Unlike the exemption for homestead which attaches to the house, the vehicle exemption is in personam. Therefore, the combined exemption is $15,000.
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