can I keep my car question

[tcreegan]

Hi again anafan,

if the trustee does take it and sell it, don't they have to pay the lien holder first and give me my $3250 exemption on top of that

...you got it, and dont forget the trustee has to pay the cost of sale, 10-20% or more if they use a public auction; hence their willgness to take a lowball offer from a debtor (not to mention their time and hassle)

You do not have to use KKB, you just need to back up your appraisal. Something written from a car dealer, a printout of similar sales on craigslist or the newspaper classifieds, a local car appraiser, etc

Hang in there, it will all work out...

Tom in Colo

[Chowder]

so you lowballed them and kept the car outright?

Yes.

[daylate]

You might want to check value of Ohio wildcard exemption- I think its only around 1100

[freeseattle]

hello!! Does anyone know how long it will take to trustee to take a car away. does it happens after discharge? or during? I am converting to cht 7 from 13, and my 341 meeting in january 2011. I own 15k on my land rover -blue book about 16k, but now there is additional 2.5K collaterable loan added to the car loan so it's about 18K. Attorney told me i can reaffirm, but i don't want to pay $17 for car with 70,000 miles on it. So my question is how long can i expect to drive it before they ll take it away? thank you

[OhioFiler]

If you have to go by the Kelly Blue Book Private Party Value, I'm screwed. right now that's about 10k. I owe 7k on it. but I tried to trade it in about 6 months ago and the dealership would only give me about 5.5k for it. they told me since I had traded another car in and rolled it into the note (and I also purchased the extended warrantee, tacked into the note) I was underwater. they were willing to buy the car back and sell me another, but I didnt want to start a note all over again. it ended up that I wouldn't even have saved much per month on the note so I didnt trade it in. so, how can that be that the value of it is 10k?

I can't file BK yet because of a balance transfer I did recently. I have to put at least 9 months of time in first.

if I wait until Jan 2012 to file, I'll have 9 months worth of payments. so I'll owe 2929.00 when I file. how do I figure out how much it will depreciate in a year? and do I figure all this out from the point that I file BK? or go to the first meeting of the creditors? it will be paid off in Sept 2012, my note is 325.00 per month.

now I'm even more confused.

I don't care about losing my tax return. it won't be much anyway. but I have to keep my car.

I'm have tempted to just wait until it depreciates to where it's only worth the exemption. but I'd probablly be getting sued by my creditors by then. I don't think I can keep this going that long.

how can a car's Kelly blue book private party value be so high? no one would give me 10,000 for this car. you can buy a 2009 Malibu for 9k!

First, you need to know what your specific court uses for automobile valuations. From that figure you can look at a near exact car one year older than yours to get an idea what your car will be worth in 12 months.

With this figure in hand, you should be able to calculate your equity in the vehicle next January. If your equity is greater than the exemption then you'll need to be creative. Start with facts first.