Q: I am filing for bankruptcy. If my vehicle is my only source of income, can it be exempt.
I do own the vehicle outright, no liens. It is worth approximately $12k and I have approximately $32k of debt . I have been using this vehicle as my primary source of income through Uber and Lyft for over two years. Will the fact that I use this vehicle for work have any bearing on whether or not an exemption can be made?
A:
In Oregon a debtor can use federal exemptions. You have a certain amount of vehicle exemption and then additional wildcard exemption. If you are not using a homestead exemption (because you rent your residence) then you likely have plenty to cover $12K of equity in a car. You can use the 4K vehicle exemption and then approx 12K of wildcard on top of that. this of course assumes that you are not using vehicle or wildcard exemptions elsewhere.
Exemption planning may be simple or may be dangerous. this is one of the reasons people use bankruptcy attorneys. It would be nice if it was like turbotax and you could put your filing together and then have a professional review it like they do for taxes, but for now, the system doesn't allow us to do "attorney reviewed" bankruptcies. You either get full representation or you get nothing.
A: If you can use the federal exemptions, you should have enough coverage between the automobile exemption and the wildcard exemption to protect your car.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
