Can I keep car on Arizona? Please help!

[Azoutlaw]

Good afternoon,

I have made a decision to chile chapter 7 due to past life mistakes, and I am extremely anxious about losing my vehicle. I understand the exemption and what not, but in my situation how do you anticipate this playing out?

Car's KBB private party value (Nissan Altima) is $10,672.

$3,460 is the loan value which leaves $1,212 dollars unprotected.

Would the trustee force me to sell? Would he let me pay the difference?

Any my advice or experiences would be greatly appreciated. So anxious and can't get any sleep over this.

[LadyInTheRed]

The possibilities are that the trustee would sell the vehicle or would allow you to purchase the non-exempt equity. It is my understanding that it varies by trustee. I am going to edit the title of your thread so that it might attract the attention of one of our members in AZ. Saying what part of Arizona you live in may be helpful.

[despritfreya]

Car's KBB private party value (Nissan Altima) is $10,672.

Use trade-in value. If a Trustee is going to sell the vehicle, it is sold at an auction. Trade-in value is closer to "liquidation" value than private party value.

Would the trustee force me to sell? Would he let me pay the difference?

While you can value the car at $X, the Trustee does not have to agree with your value. If he thinks there is money to be made he may have his auctioneer take a look at the vehicle. If the Trustee decides to auction off the vehicle you can "offer" to buy back the non-exempt value in an attempt to eliminate the auction process. The trustee can either accept the offer without further consideration or he can use your offer as an "opening bid" for the auction.

There are just too many variables to pin down what will happen but I do hope this helps.

Des.

[Azoutlaw]

Thanks so much for the replies. I am just so nervous about this.

So it is likely the trustee would let me pay the difference?...I mean is this common or rare?...do I make my desire known to keep my car at the 341?...

Also, does the trustee look at the car typically in person?....

Thank you all so much.

[despritfreya]

So it is likely the trustee would let me pay the difference?... rare?...do I make my desire known to keep my car at the 341?...Also, does the trustee look at the car typically in person?....

I cannot tell you what the Trustee will likely do. Depends upon which Trustee is assigned to your case. In my opinion, you do not volunteer information (as you suggest with the 341 meeting). If the Trustee thinks the vehicle has sufficient equity he will contact you or your attorney to ask how you wish to proceed.

Des.