My car equity exceeds my exemption by about $3,000. Will they (the trustees) take it?
(I realize under the new law we must estimate value by retail value).
(I realize under the new law we must estimate value by retail value).
-
-
Please only post your question under one category. Its not necessary to waste website space or peoples time by posting the same thing more than once. -
The best answer is maybe. Use the Kelly Blue book Private party values. Then you can note if there are any significant repairs that need to be deducted (get a written estimate). The trustee would have a cost to sell so if he asks what you want to do about the car, tell him/her you would like to make them an offer on it. Then offer maybe 1000 less than the value. They will take payments usually. There are also some companies that will finance the care for you in a situation like that.
Are there any wildcard exemptions you can apply toward the car?
I had about 3500 of non-exempt value in my car and because of the amount of debt, the trustee said he wasn't interested in it.Comment
Comment