My car will be exempt, but the tranny just went out this morning. So now I'm ultra screwed. I know they look at the value of our goods, but everything I have has something wrong with it, how does that factor into value. My attorney exempted my motorcycle, and I valued it low, about 1k below book value. It doesn't run well at all and needs, tires, chain, and a good tuneup. Does the trustee care or do they look at book value only? My 341 hasn't been scheduled yet, or I haven't been notified. Sucks to be poor.
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They look at what they could get if they took it and sold it. So actual condition does play an important role. Something needing repairs will bring less than the same item in top condition.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision. -
My tranny was out in one of mine and I had to get another from the salvage yard and for it, it was hard to find since it is import at 15 years old. If I hadn't needed to drive the small vehicle, I'd have waited to fix it, because my other truck is a fuel guzzler. If I'd waited, then I could've valued it at the lesser value which is to my advantage in reporting.
An atty in a consulatation said to go to the NADA, get the 'fair' or other lesser value of those ratings on it. If you have mechanical problems, she said to get a mechanic to write a note about it with their name, phone etc. Well, if you can't drive the vehicle there then do you know of a mechanic that might come by your house and look at it and write a note for a diagnosis that there's problems with it? I know most would charge you to come by but if you have a friend of a friend that might do that...
If not, then what I'd have to do is just get a friend that could attest to it and have them write one out.
I understand it to be better (not for your personally but for the BK value) to be lesser condition than what the book says.
Also, an inexpesive diagnosis can be done at a technical school's automotive center though the vehicle could be there for several days since it's a teaching facility and are slower but you'd get a written slip about it and the cost would be very minimal. In my town it's only $25 shop charge regardless for what they do but you pay for the parts though.Comment
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