Vehicle value

[chinup]

OK, before the search police come pounding down, I did.

So question, how does the court evaluate the value of the car? KNN? Average sale?

[mrskal]

I have seen anything from go to carmax and see what they offer, KBB middle price, and my lawyer says KBB high price just to be safe. I think it depends on your trustee and district. Wish I knew the answer.

[Exployer1234]

It also depends on whether the car is in excellent, good or fair condition. Also if you own the car and have a salvage rebuilt title can make a difference.

Take for example if you own a 1995 BMW 3 series in fair condition with 250,000 miles you may be only able to sell it for 1400 dollars. With a salvage rebuilt title you could only get about 800-1000 for the car.

[MSbklawyer]

Here, the courts have set a "rule of thumb", the retail value of the car, less 10% to reflect the cost of making salable.

[lrprn]

How the car will be valued when you file bk is a custom of each individual court. There's no consistency across the country. You'll need to ask your lawyer or during your free initial consultations how cars are valued in your local court.