Q: If wife and I file a chapter 7 will we lose our vehicle if the private party value is $15,500 in Colorado ?
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.
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