How do you value a car you own outright? Does an appraisal help? how did you do it?

[Rick9972]

I guess I am confused here, If you are under by a $1 or $1000 it does not matter you are under. Worse thing that happens is the Trustee uses a slightly differant price then you might have to pay $200 for your car.

I just had my 341 and the Trustee questioned my prices for everything:

Primary Household - My Answer "We bought it a year ago, and that is what the VA appraisel was."

Rental House - "Three other houses on the street have sold for between this and this, I put my price in the middle and the realitor felt that was a reasonable price."

Daughter's Car(We own this outright, a junker I fixed up that is now nice.) - "I used Kelly blue book and then took a $1000 off because it has a junk title."

Wife's Car (We own this outright.) - "I used Kelly Blue Book."

RAther large Gun Collection - "I used the Blue Book for Gun Values."

The trustee nodded his head, and abandoned interest in each item.

One note, my attorney had told me to answer each question clearly and carefully, without adding unnessary information. For example, on the cars say you used the KBB, but you need not say what condition, the opinions choosen etc. Just state KBB.

[LuciluS]

Ok, thats very good info. Can I ask you how you found this out so I can find out what my district uses.

Google is my best friend I went there and typed in Bankruptcy Districts of Florida and here ya go:

http://www.bankruptcyinformation.com/FL_courts.htm

Need further assistance, just let me know.

Luci

[bk2009]

So, can you turn over the truck to the trustee?

[tinfoilhat]

So, can you turn over the truck to the trustee?

I don't know. If someone could take an asset from me wouldn't they go for the one worth more money?

[tinfoilhat]

Google is my best friend I went there and typed in Bankruptcy Districts of Florida and here ya go:

http://www.bankruptcyinformation.com/FL_courts.htm

Need further assistance, just let me know.

Luci

Can you just tell me out right to call the court or the trustee. Is that what I do?

Yes I've seen the website, thank you.

So is the answer to call the court and ask them?

Thats what your link points to, a selection of phone numbers.
Thank you.

[tinfoilhat]

I guess I am confused here, If you are under by a $1 or $1000 it does not matter you are under. Worse thing that happens is the Trustee uses a slightly differant price then you might have to pay $200 for your car.

To unconfuse you:

KBB Good condition trade in CAR: $4025
NADA Good condition trade in CAR: $5975

KBB Rough trade in TRUCK: $775
NADA Rough trade in TRUCK: $1525

See my concern? I have a $5000 vehicle exemption, AND FWIW I tried selling the truck to several used car lots and they simply did not want it, I even said I'll take $500, no. One guy even got rude and told me to get off the lot. It doesn't look bad, theres just little market for a 17 year old, 8 mpg truck.

[LuciluS]

Can you just tell me out right to call the court or the trustee. Is that what I do?

Yes I've seen the website, thank you.

So is the answer to call the court and ask them?

Thats what your link points to, a selection of phone numbers.
Thank you.

I guess I misunderstood you question. I thought you didn't know your Bankruptcy District.

NO! You cannot call them...You have an Attorney and you are supposed to heed his advice and you've already stated the Attorney valued such as $1.00 below the exemption.

Take your Attorney's word as that is why you retained him, and move on. He knows the Trustees and their decisions based on other bankruptcies filed.

Luci

[Chowder]

So go the other way. Play up the value of the truck, let them take it and apply it's exempted value towards the car you want to keep.

[sophia]

I really need to keep my car because I use it to take my father to doctor visits, run errands, go grocery shopping, misc, etc, etc, etc.

I've asked before and everyone pretty much listed every way possible. The trustee is only going to use one source to determine the value.
My attorney, who I might walk away from, just used kbb trade in and everything made it through exemption by $100. Thats too close.

I'm wondering who else out there went through a chapter 7 and kept a car they own outright. Anyone?

I personally think it would be best to have a professional, certified appraisal service look at it, or carmax.

I found this finally, something to back up my judgement--a respectable site that recommends what I've been thinking all along. http://www.************************/...ue-my-vehicle/

FL. middle district here, filed end of April, KBB is used here. KBB had my older paid off piece of crap valued at over 3K, certified licensed appraiser that cost me $60 appraised at just over $1600 so we used part of FL wild card for difference. Used on line yellow pages to find appraiser. Trustee had no issues with the appraiser and my BK lawyer had the appraiser fax them his info like his state license #, name address, and also the receipt for the appraisal to give to trustee. Hope this helps.

[Rick9972]

I guess I misunderstood you question. I thought you didn't know your Bankruptcy District.

NO! You cannot call them...You have an Attorney and you are supposed to heed his advice and you've already stated the Attorney valued such as $1.00 below the exemption.

Take your Attorney's word as that is why you retained him, and move on. He knows the Trustees and their decisions based on other bankruptcies filed.

Luci

Luci has hit the nail on the head here.

[bkmaggster]

Luci, when you say he "cannot" call them, do you mean he shouldn't?

Because in my district you can call the court clerk and ask anything you want. They cannot give legal advice, of course.

I just hadn't heard of a district where you can't call the court clerk, and didn't know if I misunderstood you.

Tinfoilhat, I think you should not exempt the dually and get that out of your life, unless you need it for work. I don't think the trustee gets to pick and choose which car you can exempt, as long as it's within exempted amounts you get to decide that.

Regardless, you aren't going to lose the car if the value is a few hundred off - you would just have to pay the trustee the difference.

[heyu]

Ask the Trustee if there are any Appraisers that they use or will accept, I did and KBB value was reduced by almost 1800 on one car and 800 on the other which made it fall in the acceptable range, make certain that you point out all the defects, that your ac does not work, your window falls down on its own thats why there is a piece of wood holding it up,,etc,,,etc.

[tinfoilhat]

I guess I misunderstood you question. I thought you didn't know your Bankruptcy District.

NO! You cannot call them...You have an Attorney and you are supposed to heed his advice and you've already stated the Attorney valued such as $1.00 below the exemption.

Take your Attorney's word as that is why you retained him, and move on. He knows the Trustees and their decisions based on other bankruptcies filed.

Luci

Heres the problem. My attorney is an idiot, there is a thread in the chapter13 forum about it.

I have no income and he wants me to file a chapter 13 simply so I can keep my vehicles which he used KBB trade in to value both totalling $200 under exemption. Yet he says if I file a ch7 I will lose both vehicles.

The big deal in the discussion in that forum is why he's having me do a 13.

My reason for posting this is because I want to walk from this a hole and find someone who will file a chapter 7 for me. When they ask me what my vehicles are worth I'll hand them a certified appraisal, and I guarantee it'll be lower than any book guess.

[tinfoilhat]

FL. middle district here, filed end of April, KBB is used here. KBB had my older paid off piece of crap valued at over 3K, certified licensed appraiser that cost me $60 appraised at just over $1600 so we used part of FL wild card for difference. Used on line yellow pages to find appraiser. Trustee had no issues with the appraiser and my BK lawyer had the appraiser fax them his info like his state license #, name address, and also the receipt for the appraisal to give to trustee. Hope this helps.

That helps a lot, thank you.
I am in the southern district of FL.

I just want to know if anyone has done it and what the outcome was. I guess I'll ask my attorney if an appraisal will help, if he says no, then screw him. I'll find someone else.

[sophia]

That helps a lot, thank you.
I am in the southern district of FL.

I just want to know if anyone has done it and what the outcome was. I guess I'll ask my attorney if an appraisal will help, if he says no, then screw him. I'll find someone else.

Your welcome and just to let you know I made a mistake it was not KBB they use here it is NADA, my bad, but everything else I said was right