Question on Vehicle and Exemption in AZ

[WeIzBankrupt]

Hi all, this is my first post. Great site, and I have learned so much.

Well we filed Chapter 7 in AZ. Now lawyer says we have $10000 to exempt in a vehicle. ($5000 for single, $10000 when doubled) I have a 2000 Silverado with 212000 miles, that I own free and clear, and the lawyer valued it at $10200. They say that trustee is going by retail value and wants $3000 added to that figure. At any rate, do you think the trustee would take my truck? Reason I ask is that the lawyer says he would have to give me $10000 for it if he did. I wouldnt mind that because I could then go buy a different truck with that money...

[kenshirley]

I don't know where your attorney got his values but with that kind of mileage and things the way they are here in AZ you would be lucky to get $5k, more like $4k on a private sale assuming it looks and runs good.
Your attorney should stick to law.
My father was in the business and I have been around it and stay up on the market pretty well.
My son just tried to get rid of his fully loaded 2005 Expedition, fully loaded, with less than 100k on it and only got offers of $5 for it. And it's clean or average overall. What does that tell you about your high mileage truck?
I ran NADA book on your truck figuring it might be a 4WD 3/4 ton extended cab with an LS package. You have a $700 deduct for high mileage. I added the package, 4 WD, power seat and a tow package and the average retail was only $8k (an asking price of course)and that's on a reconditioned truck, sitting on the lot that a dealer is willing to warranty for at least 30 days.
The bad news average trade in for that same truck is below $4k.
Still think your attorney knows what he's talking about?
If you want shock go check your local Craig's List and find out what people are asking for the same truck. They are really selling the new ones cheap today to trying to keep up their business. And loans on older trucks are very hard to get and that does not help your value either.

[whipster1]

My 2004 Silverado is valued at 4900 with 100K miles. You have to low ball the figures, not high ball them as if you were talking to a buyer.

[Brittanie55]

I have a car that I let my bf trade in to get himself a new car. The dealership gave him $4500 towards his new car and he paid cash for the rest. So I am claiming his car as exempt since I have $4500 of equitable interest in it.

[WeIzBankrupt]

Ya, I figured it was way lower. I check blue book and Edmunds and NADA and they were in the $4500 to $5000 range...But why in the world would a trustee want the retail value?? There's no way I would buy a used car like mine for retail...

[kenshirley]

This is a federal system~~~
And you want it to make sense?
Think again!

[CCsAreEvil]

I'm in AZ, too. My attorney said the same thing as regards to doubling the exemptions. We have a 2005 Toyota Highlander with 75k miles. I think we wrote in about $10.4k as the value.. but the attorney was confident the UST would not force sale since they'd make only a couple of hundred dollars. But just like you, I'd be fine with taking $10k. Heck, I'd end up buying 2 cars out of it seeing how the economy is these days.

It would be interesting if the UST actually tried to sell it. What would happen if said UST (which is NOT unheard of) was only able to get < $10k for the vehicle... then what?

Lastly, I'm surprised you already heard back since you just filed. I filed a week ago but have not heard anything except was just mailed my paperwork (in computer form) from my attorney.

[WeIzBankrupt]

Ya I went to the AZ Bankruptcy court website. Then you search 341 Calender. You can search dates. I happened to know my meeting would be on the last Monday or Friday of October so I used those dates. It shows all cases, times, dates, and who your trustee is. Heres the link...

http://www.azb.uscourts.gov/w341Cal.aspx

[hurtininaz]

I am in Arizona too. I have two vehicles, I didn't use retail on either of them. 2001 extra cab tacoma 164000 miles and 1990 4runner with 141000 miles. Both need major front end rebuilds, I have quotes on the repairs needed for both trucks. It will be interesting if the trustee wants to sell them, no way will they get retail value. 341 is next wednesday, I will update you on what I find out.

[WeIzBankrupt]

I am in Arizona too. I have two vehicles, I didn't use retail on either of them. 2001 extra cab tacoma 164000 miles and 1990 4runner with 141000 miles. Both need major front end rebuilds, I have quotes on the repairs needed for both trucks. It will be interesting if the trustee wants to sell them, no way will they get retail value. 341 is next wednesday, I will update you on what I find out.

Please do Im curious....

[hurtininaz]

Just finished with my 341 in AZ - trustee did not question my exemption amounts for the vehicles. Again, I used private party "fair" condition for both trucks. I did not even have to justify why I chose "fair" rather than "good".

[Gary]

When we filled in yavapai county we put in private party fair condition kbb value and the trustee never even questioned it.