we filed bk 7 on 4-2-11, our discharge was 8-16-11, we have 2 vehicles that have a lien on, & now we just got notified that the bk auctioneer wants to appraise the vehicles to see if there is any value above what we owed on the lien and what they are worth. How do they actually appraise value, what method?is it wholesale? f it could happen it has happened to us. Noone has ever filed anything with the courts, can th etrustee still do this even after this amount of time has passed.
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Were you an Asset Case, or a No Asset Case? And yes, the trustee can pretty much do whatever he/she wishes within the confines of the BK Code, and the local court rules. You don't say if your case is Closed, or not. I am assuming that it is still open."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed." -
Ruttie,
If I recall correctly you put your vehicle exemption into one vehicle. If this is correct the other vehicles are not protected. If the Trustee can sell them for more than the debt that is owed he will. He is sending the auctioneer out to see if such a sale is possible. The sale would be a sale through the bk court which usually means sightly more than wholesale and will depend upon the condition of the vehicle. There are "investors" who show up at such sales looking for deals. The auctioneer is going to make a determination if there is any value over the debt. That is his job. If he reports to the Trustee that he does not think they can be sold for more than the debt the issue will be over. If he thinks they can for more the Trustee will notice out a sale with the opening (minium) bid to be just over the payoff amount.
All of your property, subject to an allowed exemption, remains property of the estate until the Trustee either abandons the property or closes the case. This is true no matter how long it takes.
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My husband has been working out of state for the last 6 monnths & he cannot just drop at will & bring his vehicle back. They sound like they want to know the mileage and condition of the vehicles on the phone, is this possible? Is there a % above the value for auctioneer costs and the cost with the auctioners time for assessment?(wouldn't this be above and included in the appraisal?Comment
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What might work is if your husband can take some digital photos (inside, outside, odometer, etc.) and e mail them to the Trustee. As to the amount over the debt, I cannot say. It could be so small that the Trustee just drops it. It could be an amount that justifies further investigation and a suggestion from the Trustee that you pay the difference. Or, it could be an amount much greater than the debt thus requiring the Trustee to put the vehicles up for auction. Just too many variables to say for sure.Originally posted by ruttie View Post
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Why do you have a lien on them?Comment
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we got a loan on them, just to live on for a few months until we could find work. The secondary auto lenders would only do both vehicles because of the age/type. We had alegit papertrail for every dollor spent on expenses. The lien was secred properly, & both vehicles are in th same loan.Comment
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