Anyone know how to get the value of a mini excavator?

[bigreddog]

We've been in a chapter 13 for two years and are just not making it. We just barely made it thru this winter. We own a small business with employees. It's a single member LLC. Our lawyer kept the LLC out of our personal BK because the business loan to the bank that held a blanket lien on ALL business assets exceeded the total liquidation value of the business's A/P, and equipment/vehicle values. But......We wanted to keep our house. At the time I had a small John Deere Tractor that we only owed $6500 on and a 2004 Bobcat Mini Excavator. We paid $28k for the Bobcat and at the time of filing owed $17k and it was worth $20k. Two years later, it needs work, and the construction business has fallen apart so selling it won't be easy to sell. I was told it could be worth $12-13,000 less work needed. But I only owe $5000 on it. How do I find out what it is really worth and if we change to a chapter 7, can I use our NH $7000 wildcard to keep it. The John Deere is paid for but I'd rather let it go. It's only really worth about $2500 now. Any ideas????

[TEW]

We've been in a chapter 13 for two years and are just not making it. We just barely made it thru this winter. We own a small business with employees. It's a single member LLC. Our lawyer kept the LLC out of our personal BK because the business loan to the bank that held a blanket lien on ALL business assets exceeded the total liquidation value of the business's A/P, and equipment/vehicle values. But......We wanted to keep our house. At the time I had a small John Deere Tractor that we only owed $6500 on and a 2004 Bobcat Mini Excavator. We paid $28k for the Bobcat and at the time of filing owed $17k and it was worth $20k. Two years later, it needs work, and the construction business has fallen apart so selling it won't be easy to sell. I was told it could be worth $12-13,000 less work needed. But I only owe $5000 on it. How do I find out what it is really worth and if we change to a chapter 7, can I use our NH $7000 wildcard to keep it. The John Deere is paid for but I'd rather let it go. It's only really worth about $2500 now. Any ideas????

try this
http://www.equipmenttraderonline.com/

[lrprn]

....if we change to a chapter 7, can I use our NH $7000 wildcard to keep it. ... Any ideas????

This is an excellent question to ask your lawyer. Have you discussed all your options if you convert to Ch 7 with him/her yet?

Also you said you filed a 13 to keep your house. You also need to find out what might happen to the house if you convert to a 7 as well.

I'm so sorry to hear you are having such a rough time in your 13 because of the recession/depression. Keep us posted on what you find out from your lawyer, ok?

[bigreddog]

[QUOTE=lrprn;272922]This is an excellent question to ask your lawyer. Have you discussed all your options if you convert to Ch 7 with him/her yet?

We feel we have a great lawyer. He especially seems to have a intimate relationship with our trusty.(Not THAT kind of intimacy), but like most lawyers, he's been fully paid and it's next to impossible to get him to call me back. What's hard is my wife is the sole member of her LLC which pays me well as a salaried employee. Our combined income was over the median when we filed 29 mths. ago. Though this year doesn't seem like it's going to be. We're current on our mortgages, car pmt. business loans, but we now found out we owe $9500 for State & Fed. taxes. Even though I had $10k taken out of my paycheck for Income Taxes. We make 80% of our profit from May to Oct. so we conceivably can pay that back. It just feels like we're just working our >$@#$ off for our employees w/ nothing left for us. My wife is ready to snap. But we love our house. Our best friends have lived in 1/2 of it for 8 yrs. And our business is profitable. And my Bobcat is my toy. It's my (boat,snowmobile,coin collection, hobbies all rolled into one). It's just been a baaad winter. Our lawyer kept the business and business loans out of the bankruptcy w/ the term "all business assets" held by lien from bank that exceeds its value. As such, we've just kept running things for the last 28 mths. But it's hard. I want to cry..... We've built this thing from nothing and it's been 15 yrs......

[MixerDriver08]

Try RockandDirt.com

[SobStory]

We have an old backhoe. DH says that the value of construction eqpmt has PLUMMETED because construction is so slow. At least here in the Northeast.
I think the REAL value of the bobcat has declined substantially. That is, can you find a buyer and what are they willing to pay?
Our backhoe is a piece of junk but we would like to keep it.

[bigreddog]

We have an old backhoe. DH says that the value of construction eqpmt has PLUMMETED because construction is so slow. At least here in the Northeast.
I think the REAL value of the bobcat has declined substantially. That is, can you find a buyer and what are they willing to pay?
Our backhoe is a piece of junk but we would like to keep it.

I think the Northeast is just STARTING to catch up w/ the rest of the country as far as the recession really taking hold. I bought by Bobcat in Jan. of "06" and like I said, I only use it around my house. But I have over 700 ft. of stonewall to build. I grow the rocks. And I have two employees from my wife's business that used to do wall work. So i'd rather give up everythink I have that 's exempt except the house and try to roll the wildcard into the bobcat.
Thanks to MixerDriver08!!!! Rock and Dirt gave me a place to sign up to get auction results. There were tons of them and boy are the results low compared to what I expected. You guys are all great. That has been the highlight of my week. (sad, huh)?