Legal Question in Bankruptcy in Minnesota
exempt cars for married cpl. filing ch.7 jointly
In general, how many cars can a married couple in MN keep when filing jointly for ch.7 bankruptcy? We 2 cars: 2000 Ford Focus - no loan - and a 2008 Hyundai Sonata - with a Hyundai loan CURRENT on payments.
Asked on 6/28/09, 1:21 pm
1 Answer from Attorneys
Adam Kaufman
Jensen Sondrall & Persellin, P.A.
Re: exempt cars for married cpl. filing ch.7 jointly
If you are filing using Federal exemptions you get $3,225 for a motor vehicle exemption, so multiply that by two since you are filing jointly.
If filing under Minnesota you get $4,000 per person.
For Federal you also have the Wild Card exemption that you could use if the auto exemption doesn't cover it fully.
So it depends on the value of your cars and then what exemptions you are using.
Answered on 6/29/09, 11:00 am
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