OOPS! Overvalued Non Exempt Asset

[want2save]

My lawyer responded lst night to my email. (Sat, he's good!). When I filed my petition I put a value of $26,000 on my motor home which is free and clear. Since I paid $36,000 3 years ago and redid the interior, I figured that was a good and fair value. I had no intention of keeping it. Now my family has offered to buy it back for me so I called a dealer to blue book it. RV values are not available online. He gave me a low of $15 and a high of $19 and said the redo makes no difference and that my coach brand has been discontinued. So, I made an offer of $12,000 for my lawyer to convey as the cost of sale would be 10%. He responded that since I swore twice under oath, once on the petition and once at the 341, that facts were true that the trustee will think I am lowballing the value and will want to take it and sell it. This seems weird to me. Won't the trustee check the actual value?? As I told the lawyer in response, I'm not an RV dealer and that was my best guessestimate. (The dealer was on vacation when I filled out my petition so I guessed). No one will pay $26,000 for the coach!! My thinking it was worth more did not make it so! I expect she may counter offer and then I'll have to decide. The lawyer just thinks she will take it which is fine too but I expect it will take forever to sell it and will keep my case open. :-( There goes my hope of using my IRAS to pay down my mortgages so I can do a Reverse Mortgage. I can't afford my house otherwise. I pray I don't lose my home over this open BK case!!!!!!!!!! I'm 68, on social security and life will be very hard if that happens..................

What do you all think, other than that I'm stupid?????!!!!!!

[aljohnson007]

Why was this a nonexempt asset? Don't know why your attorney thinks you could have sworn to the true value of anything, especially a motor home which has lost more value than real estate. I have a doublewide with lot that went from 72.9k to 29k in less than two years.

[want2save]

I used my $2150 auto exemption (Oregon) for my van and since my motor home and car were paid for, they were non exempt assets. I have already purchased back the van as much of it was not exempt. Fortunately the equity in my home (after losing $100,000 in this market) did not exceed my $30,000 exemption and costs of sale. I was current on the mortgage and am able to keep it. Since my guess of value was in May, book on the motor home would have changed anyway. I do feel my lawyer is being a bit harsh in his attitude. At least I over valued rather than undervalued, so I can't be accused of trying to hoodwink anybody! :-) Thanks for your input!! Hang on to your property, values WILL come up. After 40 years in the title/escrow business, I have seen the cycle over and over again.