Trustee sent message...wants vehicles appraised...

[roozterdvx]

Just recieved a call from the attny's office from his receptionist, (he's out and para didn't come in today).

Message from trustee...

She wants certified appraisals of our truck, boat and trailer.


Is this normal or am I just paranoid?
All 3 are over 10 years old and all 3 are in need of repair, (haven't been able to afford spending any money on the boat or trailer and been doing just enough repairs to the truck to keep it going so I can get back and forth. I plan on doing some extensive repairs after our bk is over).

[jessegirl]

Are all these items owned outright by you, no loans? It sounds to me that the trustee may be looking to take these items. Are any vehicles your primary vehicle? Or are they all pleasure items? I know when we filed the trustee frowned upon us having a boat. The UST trustee was glad to see that we were giving that up in the BK. He says he has issues with people filing BK and wanting to keep there boats. Goodluck

[albacore44]

Are all these items owned outright by you, no loans? It sounds to me that the trustee may be looking to take these items. Are any vehicles your primary vehicle? Or are they all pleasure items? I know when we filed the trustee frowned upon us having a boat. The UST trustee was glad to see that we were giving that up in the BK. He says he has issues with people filing BK and wanting to keep there boats. Goodluck

I don't see how they could have heartburn if you can cover it with an exemption. In Ca. we have a $20k or so Wild card, and I have every intention of using it to exempt my Travel Trailer and Atv's , since my house is upside down with no equity.

[jessegirl]

I don't see how they could have heartburn if you can cover it with an exemption. In Ca. we have a $20k or so Wild card, and I have every intention of using it to exempt my Travel Trailer and Atv's , since my house is upside down with no equity.

I know what you are saying. But not sure where the OP is from and what kind of exemtpions they can use. Some states have horrible exemption amounts.

The thing with the boat is they are VERY expensive to use. Its a luxury.

[roozterdvx]

Are all these items owned outright by you, no loans? It sounds to me that the trustee may be looking to take these items. Are any vehicles your primary vehicle? Or are they all pleasure items? I know when we filed the trustee frowned upon us having a boat. The UST trustee was glad to see that we were giving that up in the BK. He says he has issues with people filing BK and wanting to keep there boats. Goodluck

The truck is my primary vehicle and is paid off...we have a loan on my wife's car.
I had the boat up for sale for a while but with this economy, nobody even called let alone come look at it. The boat has an electrical problem and keeps draining down the batteries...I was going to rewire it this summer. The trailer has no brakes. The brake system got water in it and rotted out the cylinder and lines and siezed up 2 wheels.
The truck has a few dents and needs some engine work but it's my transportation to/from work.

I just got off the phone with an appraiser. He's coming over tomorrow to appraise all 3, ($300 for all + travel fee because I can't get the boat/trailer to him).
Looks like I'm missing work tomorrow...I definately want to be there to show him everything...I don't want him to go on appearance alone.

Wish me luck.

[roozterdvx]

BTW...I'm in SW Florida. (Florida Middle District).

I think I have a clue as to why the trustee might want an appraisal...
We have Progressive Insurance for the boat policy and we have high coverages. We have always had high coverages on all our vehicles to protect ourselves in case some disaster strikes including natural disasters and thefts are high around our area.
When we first bought the boat, we had the boat insured for "agreed value" instead of "book value" and we never lowered the amount of coverage. We just renew our policy every year and have been paying the same rate the whole time.

NADA book on the boat is around $6500 and $1000 for the trailer.
The trailer brake system needs to be completely replaced, the jack is broken and 1 wheel is siezed due to the brakes.
The boat isn't in bad condition as far as appearance but has an electrical issue which keeps killing pumps, killed some electronics and keeps draining the batteries. (I had planned to rewire the whole thing as a project but this was before our financial situation turned ugly).
The truck has an NADA value from $7200 low retail to $10,200 high retail. Taking into account some dents, needs a muffler, and engine running rough, (needs fuel injection work), I listed it at $7200 in our petition.

Florida doesn't allow much for exemptions and with a vacant lot which we own, we are over our exeptions by about $4500 if the values I listed hold up. If the appraiser sets a lower value, better for us. If the appraiser bumps the values up, well, we'll owe that much more.
We're hoping to keep everything and pay back our exemption overage but if the amount goes up by a significant amount, we'll be giving up some assets. I need the truck but either the boat will go or the vacant property/real estate.

[Brighterdays]

my 2 cents, the boat is gone. and correct me if i am wrong but you only have a $1000 exemption on your vehicle in florida, right? if so and you don't owe anything on it your truck is gone or you have to pay the difference. The trustee has heard every excuse in the book why their vehicle isnt worth much. She is probably going to make you an offer to pay her x amount if you want to keep them.

I hope I am wrong but remember the trustee's job is to sniff out cash for the creditors. Hopefully they isn't heartless. If they are heartless then they doesn't care if they only net $500 as long as he gets something. The boat might tip the scale as the trustee might think what are they doing with a luxury item like a boat(hater). It all comes down to your exemptions and appraisal, so again good luck.

[roozterdvx]

my 2 cents, the boat is gone. and correct me if i am wrong but you only have a $1000 exemption on your vehicle in florida, right? if so and you don't owe anything on it your truck is gone or you have to pay the difference. The trustee has heard every excuse in the book why their vehicle isnt worth much. She is probably going to make you an offer to pay her x amount if you want to keep them.

I hope I am wrong but remember the trustee's job is to sniff out cash for the creditors. Hopefully they isn't heartless. If they are heartless then they doesn't care if they only net $500 as long as he gets something. The boat might tip the scale as the trustee might think what are they doing with a luxury item like a boat(hater). It all comes down to your exemptions and appraisal, so again good luck.

Well, we are prepared to either let something go like the boat or our vacant lot, (but we need to keep the truck), or to pay the overage on our exemptions.
As stated before, we are about $4500 over our exemptions using the values which I had put down.

The appraiser just left and he will be sending our attny and myself the appraisal report soon.

The good :
He had printed the same pages from NADA that I did, and started deducting for damages/problems. He also advised me to get a repair estimate for the issues which the truck has so I'm off to find a repair shop this afternoon for the truck.
The boat value may come down a little as he noted everything he could find wrong and he even found 2 soft spots in the floor which could indicate some rot. Getting an estimate on the boat is a toss-up as most mechanics charge hourly and there are too many variables to give an accurate quote.
The trailer value lists at $1100 NADA but he inspected the brakes and found what I was telling him...brake system needs replacement including hoses, cylinders and drums. When I told him I listed the value at $900, he said it sounds a little high and to try to get a price on the replacement parts. He would deduct, (within reason), because the trailer is not road worthy as it sits.

The bad:
I/we didn't realize the motor was valued separate from the boat, (attny didn't mention it either when we went over everything).
He took down all the info on the motor and listed all problems/issues, took pictures. NADA lists the value at $2000 so any savings from the truck, boat, trailer will more than likely be sucked up by the motor.

[StartingOver08]

Sounds like you got a decent appraiser.

That Trustee over there in the Tampa area is really something else! Hope the rest of your BK goes smoothly.

[Brighterdays]

I really do hope it works out for you. I didnt mean to sound so dire. try taking your truck to the dealer for an estimate. they are generally the most expensive, plus don't tell them why you are doing it as they may get miffed. If they try to charge you for the estimate, just tell them you need to get 2 or 3 quotes for insurance or something like that, and tell them you truly intend to take it to them regardless of the other quotes because you want it done right and you heard great things about them. I use to work in a ford dealership and couldn't believe the prices we charged.

As for the boat, I forgot about that also. I do remember my boat and motor both had a title. Dumb luck I ended up just giving my 26' sea ray to the marina to cover my past due charges, it was 20 years old and the motor was shot. I could have mad about $500 if I sold it on my own, but I didn't want the hassle. Remeber: "A boat is just a hole in the water you through money into" And "The best boat owner is your new best friend"

You could tell them you need the boat as it is a crucial part of your new business. PIRATE.