that work. Vehicle worth 15k I owe 4k, after 5k exemption that is still 6k over. Does the trustee want a lump sum or allow payments? TIA!!
-
-
If you still are making payments on your vehicle, and have several more months, ore even a year or more to go, the chances are that the trustee will choose to 'Abandon' interest in the vehicle. This differs from state to state, district to district, and even down to the trustee. It all depends on how much trouble the trustee wishes to go to in order to seize your vehicle, sell it, pay off your loan and use the money for your creditors.
We had three vehicles listed. Two were old and 'Abandoned' as being too old. The third was a VW Jetta 2004 that still had a note that had to run either just under, or just over a year to go before it was all paid for. The trustee 'Abandoned' that as well, as it was 'fully encumbered', meaning the car loan.
We did have to buy back some of our non-exempt items from the estate, which we did at a rate of $450.00 a month for 12 months.
I hope that helps. Welcome to the Forum, and Good Luck!
"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed." -
Generally the trustee will take a payment plan, 6-12 months at most.
I would get very aggressive on the valuation, go to an auction house that sells cars and get a value from that place.Comment
Comment