Are my cars non-exempt property? 2 Answers as of August 17, 2010

I have one paid off car and one car that I am leasing and still financing. Are they both exempt from being turned over? Thank you!

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David Nelson
David Nelson | David Nelson
It depends on the value of the car.

I assume that a paid off car has a low enough value to not be a problem. A leased car is almost certainly not going to have any equity. However, I do not know where you are from, or what the value of the car is so I cannot determine if you are safe or not.

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Answer Applies to: California
Replied: 8/17/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
You can normally protect certain amount of assets. So, it depends on the value of the cars and if you have any other assets that need protecting such as real estate.
Answer Applies to: California
Replied: 8/16/2010
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