California chapter 7 bankruptcy. Can the 704 automobile exemption be split among different vehicles? In other words, 2,1400 cars

Asked 8 months ago - Riverside, CA

I know it's like $2900. Can it be shared among a 2 or 3 cheap cars? Or does it all have to be used only on 1 car. We have a 500 vehicle, a 1200 vehicle, etc.

Attorney answers (4)

  1. Michael H Chen

    Contributor Level 7

    8

    Lawyers agree

    Answered . Yes, your motor vehicle exemption under 704 can be split and shared between as many vehicles as you own, until the total exemption amount is exhausted.

  2. Brian Crozier Whitaker

    Contributor Level 17

    8

    Lawyers agree

    Answered . Yes, it can ... as can the 703 vehicle exemption.

  3. Stuart Gregory Steingraber

    Contributor Level 17

    3

    Lawyers agree

    Answered . Attorneys Chen and Whittaker are correct on the exemption flexibility.

  4. Lazaro Eloy Fernandez

    Contributor Level 4

    Answered . Yes, you can split it up between vehicles until you reach the allowable exemption amount.

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