non-exempt assets

Equity on the car is calculated upon the market value of the car minus the loan on it. Under the current bankruptcy laws the exemption on automobile is $3, 225.

My car is paid off. The blue book is $9100. Will they take my car to payoff some of my debts in a BK 7?

I think a lot would depend upon your state's bankruptcy laws. You may need to check with it to know things better. Some states may have more generous exemption limits than others. Also, you should ask your bk atty.

I guess there is also an exemption called 'first car exemption' i.e. if that car is your primary mode of communication it'd be exempted; though I'm not sure about it. I'd do the research and will let you know.

Meanwhile, I hope some experts would comment on it too.

I asked my attorney's assistant today about it and he said $3000 per car up to two cars. But he wasn't all that confident about his answer. I'm in Washington state if that helps. Thanks for your help SC. I appreciate it!