Legal Question in Credit and Debt Law in Virginia

Re: A follow up question in regards to a question on 12/15/2005...

A vehicle can certainly be a tool of the trade, but it depends on its use and whether it is suited to general use. If you have a regular pickup truck that you use as a courier, but it is nothing special -- an off-the-shelf pickup as it were -- it may be at risk (depending on how aggressive the creditors, or bankruptcy trustee, are), especially if you use it for anything other than courier work. If you have it specially fitted out for courier work (painted logo, radio, holders for packages, and whatever other courier adaptations there are, and (most importantly) you use it only for business, it will likely be found exempt up to $10,000. BUT keep in mind that this will probably not keep the Sheriff from levying on it in a non-bankruptcy situation. Often, they will levy, and you will have to go to court to get it back.

As for "adjusting" the purchase price, that's a non-starter. It is the value of the vehicle that the court looks at, not the price.