Exemptions and Valuation Question

[ajames1526]

I'm getting conflicting information as to how I value my paid for 1996 Jeep Grand Cherokee. I've been to 2 attorneys and they whip out the bluebook and look up the trade in value. But according to other sources one being the book "How to file for chapter 7 Bankruptcy" they say use the NADA average retail value to be safe. Well I guess I could make it simple enough to just look in the newspaper and get averages of what the Jeep would go for but in reality I just want to come up with as low of a figure as possible. Colorado has an exemption of 3K for autos. I'm doing this thing "pro se" so to say the least I'm confused about a number of things but since that is my only mode of transportation and the most valuable thing I still have I'm trying to prevent from loosing it. Any advise would be greatly appreciated.

[SinkingFast]

Our attny used the Edmunds.com website. Edmunds let you take into consideration some things that NADA doesn't.

Some colors are more desireable than others. You can enter condition there as well.

Our attny took the wholesale, private party, and retail prices and averaged them.

We have older cars so it was no problem for us to ding the values. One has some serious rust damage. So I took that one to a body shop for a repair estimate. That ate half the value of the vehicle. So be sure to account for any defects your car may have.

You can customize a value for your vehicle at Edmunds.com here:

http://www.edmunds.com/used/1996/jee...kee/index.html

[anonymuse]

My attorney in Colorado uses Kelly Blue Book. After I checked off all the options, it wound up being worth nothing.

[CindyLou]

I agree with Sinking Fast....use Edmunds. Put in your mileage and the condition. Then use an average of the amounts. Don't add after market equipment to the mix. It does not increase the value of your car; only factory additions. Remember, any needed repairs wil reduce the value; for examply, if you need new brakes, and a new clutch, then get a mechanic to give you an estimate of cost. Deduct the amount from the value and bring that info with you in case questioned. I had printed out the report from Edmunds and brought it with me along with a photo of the vehicle. You should be fine with your judgement if you have the documentation.