I'm about to go see the attorney for first visit on Monday, I was wondering if I should get a newer vehicle before I file for chapter 7 and my credit is toasted. Will they come and get my vehicle and then I'm Totally OUT a Vehicle.
-
-
It depends on the exemptions in your state. If you buy a car and get a loan on it, you wont have any equity in the car, so you could probaby keep it if the payment isnt too high. If you buy a car outright though, make sure its not worth more than your state allows for the exemption.Filed Ch.7 Pro Se 5-20-10
341 scheduled 6-24-10 -
What do they base the value of the car on to determine equity? Blue book (If this, Retail, or 3rd party values?) or Black book? I mean these can be very different values. 3rd part blue book of 10K may be worth only 3K black book.Chapter 7
Filed, 12/21/2010
Discharged, 03/30/2011
Comment
-
Our attorney told us to go by the Blue Book value for 3rd party sales.Filed Ch.7 Pro Se 5-20-10
341 scheduled 6-24-10Comment
-
Here again, it varies by the state and the district, I guess. I was able to use the dealer's wholesale value, but when I requested valuation, I requested an amount that was the average of the low blue book value and the wholesale value, and then subtracted an amount from that for necessary repairs, and received no argument. Not on a brand new vehicle of course, but I would think the same principle could apply to a newer car.Comment
Comment