trustees listening in?

[music12]

has anybody ever wondered whether trustees "eavesdrop" on this forum? i wonder what they would think about all of us nervous wrecks...

[TEW]

nervous I think they would wonder why you would be nervous. If you are honset on your petition there really is nothing to worry about.

[justbroke]

They deal with this everyday. They have people sitting in front of them crying on a good number of occasions. The handy box of facial tissue on the 341 Meeting desk, is a sure sign it's expected.

But just like other professionals, they have to separate the emotion from it. While some of them can be fair, when it comes to certain issues... some of the Trustees are heartless. Perhaps that's what they need to be, heartless.

One case in particular always sends chills down my spine. In this case where there is no common law marriage (in the State), and a debtor and non-filing significant other live together, and the non-filing significant other has children and they live with the debtor as his own, for 8 years... the Court has ruled, in a chapter 13, that they don't count. The Judge said it was harsh, but the unsecured creditors can't play second to a lifestyle choice of the Debtor.

I'm sure most Standing Trustees are not reading Bankruptcy boards at night. They can get the real deal, everyday.

[music12]

nervous I think they would wonder why you would be nervous. If you are honset on your petition there really is nothing to worry about.

many - probably most - people on this forum worry about the 341, and then about waiting for the discharge for 60 days. it does not mean they are dishonest!

[tinfoilhat]

nervous I think they would wonder why you would be nervous. If you are honset on your petition there really is nothing to worry about.

Now thats funny right there.

I'll be honest on my petition, but what will the trustee take from me?
I'm stuck on my vehicle value at the moment. Some say the trustee is going to value it by wholesale, or retail (one being highest, one lowest), or KBB averaged, or nada yellow trade in, or nada black book wholesale, or edmunds or quicksale, or I have an auto appraisal company look at it and they might consider that.

So yea what do I have to be nervous about, ask ten people the same question and get ten totally different answers and this is only on ONE asset, one little question in the whole process.

I can't imagine what else will come up.

I guess if you're looking forward to getting bent over then you've got no worries, other than walking funny for a few days.

[TEW]

use KBB privet party sale. You give them the value of your assets they aren't going to come out and appraise things

[tinfoilhat]

use KBB privet party sale. You give them the value of your assets they aren't going to come out and appraise things

Ok, different answer #11.

The attorney I'm probably going with told me to get a certified vehicle appraisal service to write one up.
Others have said wholesale, which I could see. Others have said retail which is ridiculus. (if you look up the definitions of each)

If I'm in charge of giving the trustee the values, isn't it obvious I'm going to shoot very low?
The problem is it's value is borderline on exemption. It's a no problem, no nervous case if EVERYONE said the standard procedure to determine value is 'just tell them what it's worth'. It does fall under exemption in a few of the above examples, then I talk to someone that says retail and that's about double the wholesale value which brings it about $4000 over exempt.

Edit: kbb PRIVATE PARTY ISN'T GOING TO WORK, KBB trade in averaged on condition will (which is what someone else here said) will work.
So what do you do just go in blind? Is a certified appraisal considered acceptable?

See my confusion?

[Amy26]

I honestly don't think a trustee would have enough free time to browse the internet forums. My attorney actually had no idea that bankruptcy forums existed until I told him about them.

[TEW]

Ok, different answer #11.

The attorney I'm probably going with told me to get a certified vehicle appraisal service to write one up.
Others have said wholesale, which I could see. Others have said retail which is ridiculus. (if you look up the definitions of each)

If I'm in charge of giving the trustee the values, isn't it obvious I'm going to shoot very low?
The problem is it's value is borderline on exemption. It's a no problem, no nervous case if EVERYONE said the standard procedure to determine value is 'just tell them what it's worth'. It does fall under exemption in a few of the above examples, then I talk to someone that says retail and that's about double the wholesale value which brings it about $4000 over exempt.

Edit: kbb PRIVATE PARTY ISN'T GOING TO WORK, KBB trade in averaged on condition will (which is what someone else here said) will work.
So what do you do just go in blind? Is a certified appraisal considered acceptable?

See my confusion?

You will get some disagreement on this on the forum because it may be different by district.
I can tell you what I was told to use and if you look at my sig it worked.
Don't waste your money on a certified appraisal it's just not needed. if you are here my guess is money is not something you have a huge supply of.

[Rahaton]

I would think the auction (Black Book) value would be the one to use. That is what the trustee would most likely realize if they where to sell the car. Don't we generally use the short sale values in all the other valuation contexts?

[justbroke]

Ok, different answer #11.

Like most other things... valuation of motor vehicles differs by U.S. Bankruptcy Court District. Unfortunately, that's just the case. Generally though, NADA or KBB retail value for "good" condition is used by most. Then most allow a deduction for documented mechanical issues with the vehicle.

I generally say to get the NADA or KBB retail value, then go get an "advisory estimate" from a local dealer (of the type of vehicle it is). Take that advisory estimate, and subtract that from the NADA value. (That's basically what I did. My valuation was never questioned.)

[tinfoilhat]

You will get some disagreement on this on the forum because it may be different by district.
I can tell you what I was told to use and if you look at my sig it worked.
Don't waste your money on a certified appraisal it's just not needed. if you are here my guess is money is not something you have a huge supply of.

Most of the confusion is coming from BK attorneys. Before this thread only a few people told me how to value it.

Like I said before, the attorney I'm most likely to go with said to get it appraised. In my opinion you cannot argue with an appraisal company who sent a rep out to look at it. How do you argue what a book says vs what a person said, which one is more likely to be accurate.
And all other attorneys that have said different things are in the same district. So if I pay for an appraisal and the trustee goes by retail, I'm screwed. In fact going by retail would be a very bad decision but I have actually been told this.

I'm just going to get an appraisal.

And I don't see why trustees would not be interested in a site like this.

[aces67]

IDK where I'm at the county uses Black Book to value any vehicle you buy and their Black Book value is most of the time higher than what the vehicle is worth. It assumes the vehicle is in excellent condition.

You're probably better off with an appraisal.

[pookieny]

I think a trustee browsing on here would be like doing unpaid work! I don't surf the net looking for things about my job or company to read up on-I stay way away until I punch in again tomorrow.