Chapter 7, Cars, Single

[jaimelopez]

What is the name of your state? New Mexico

Hi. I know that New Mexico has an exemption of $4000 as far as vehicles go. Does that apply to just one vehicle or can it be combined into two vehicles? I'm just curious because I am single and I have a 1994 Plymouth Acclaim which is worth roughly $1700 and a 1995 Chevy Camaro Z28 which is worth roughly $2000 due to extensive damage resulting from a head on collision. What would happen in my case? My total overall debt is about $15000 if that makes any difference. Thanks,
Jaime

 

[Ladynred]

Vehicle exemption goes to equity. The exemptions DO state equity in ONE vehicle. Better to check on a blackbook value though, its likely to be lower than what you think it is, especially on a wrecked vehicle. If it has frame damage, its likely worth a LOT less. You may be able to exempt the wrecked one under another category. For instance, if you do not own a home the you can use $2000 of the homestead exmeption for other property:

If the debtor does not own a homestead, he may claim exemptions, in addition to other exemptions, of real or personal property in the sum of $2,000 in lieu of the homestead exemption. (42-10-10.)

Keep in mind, you can use Federal exemptions in NM.