Did your attorney tell you to fill out your asset declaration using net realizable value, like what you could sell your watch for at a garage sale, or what you could trade your van in for at a dealer?
Your motor vehicle exemption is $2400, so if you pay it off and declare the value at $2500, you'll have to use $100 of your wildcard exemption to cover it.
Depending on your occupation, you might also get away with exempting a 3/4 ton van as 'tools of the trade' and using your vehicle exemption on a car. But if your trade is selling small engine parts, you'll need the $1500 exemption for your inventory I would think.
You don't own real estate, right?
So, you've got $2400 exemption on the van, $8000 for personal/household crap, clothes, computer, etc, $1500 in your business stuff, and $8300 ($7500+800) that can go for anything, bank accounts, excess value on the van or the business, etc.
At the moment, if you use $2500 as FMV on the van, you've got a net interest of $1900 after the $600 lien. If you toss $500 at the van lender within 90 days before filing to bring your interest in the van up to $2400, it
might be viewed as a fraudulent transfer designed to favor one creditor over the others, but I doubt anybody would go after you for it.
At any rate, you'll want to reaffirm or pay off the van loan so the van doesn't get repo'd.
Since it appears that NC uses the federal exemptions, here are your more important exemptions, according to
http://www.law.cornell.edu/uscode/11/522.html
(d) The following property may be exempted under subsection (b)(2) of this section:
(1) The debtor’s aggregate interest, not to exceed $15,000 in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.
(2) The debtor’s interest, not to exceed $2,400 in value, in one motor vehicle.
(3) The debtor’s interest, not to exceed $400 in value in any particular item or $8,000 in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
(4) The debtor’s aggregate interest, not to exceed $1,000 in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
(5) The debtor’s aggregate interest in any property, not to exceed in value $800 plus up to $7,500 of any unused amount of the exemption provided under paragraph (1) of this subsection.
(6) The debtor’s aggregate interest, not to exceed $1,500 in value, in any implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor.
