Chap 7 trustee undistrubuted funds

[gosolar]

In order to keep a car I may have to pay about $5,000 over 10 months for non exempt value in a FL case

Question is there any way to depreciate this excess value, like saying it needs tires or the mileage is high etc.

Second question if there are no claims filed do I get those $$$$ back?

tks

[LadyInTheRed]

The purchase of the vehicle from the trustee is negotiable. You should list the car on your petition at the value you believe is the market value. The mileage and condition of the car should be taken into account. Be ready to support the valuation if the trustee objects.

If no creditor files a claim, the money would be returned to you after reduction for expenses. The trustee may also be entitled to a percentage fee on the amount of the sale, but I am not certain if that is the case when nothing is distributed to creditors.

[dina13]

When we were filing, we took our car to an auto body shop, and ask them to do an estimate on fixing what was wrong with the car. It was running well, but had some cosmetic issues. Their estimate was about 3x what I was expecting, but it really helped in depreciating the value of our car. Go to a shop, and make sure to get written estimates. Then deduct it from the market value of your car.