What method is generally used to value cars in Central California Bankruptcy Court?
Retail, Used, Trade-in value? Adjustments for condition? For example is major accident repairs considered in value and necessary repairs (tires brakes, etc.) needed used to determine value? Use Kelly Bluebook or Edmonds or appraisal?
We have 3 cars and would need to retain 2 for business purposes. One is paid off and its used car value is about $3500. The other we are nearly done with making payments and the used value is $8500. Both cars are used 95% by my wife and I separately in our consulting businesses. The 3rd car is worth about $20,000 and the loan is about $30,000 so while I would like to keep it probably out of the question and not absolutely necessary. What is the best way to handle the 3rd car with the lender? We are 2 payments behind.
Our house is underwater but we will try to save it so my understanding is we would use option 2 in California for exemptions?
Thanks for any help as I have not seen specifics regarding these type of questions. Any suggestions in finding a good attorney in the Ventura Santa Barbara area? Is it better to have an attorney in Santa Barbara since the court is located there to save on travel time and such? Or better to have a Ventura attorney since rates tend to be lower in Ventura than in Santa Barbara?
Retail, Used, Trade-in value? Adjustments for condition? For example is major accident repairs considered in value and necessary repairs (tires brakes, etc.) needed used to determine value? Use Kelly Bluebook or Edmonds or appraisal?
We have 3 cars and would need to retain 2 for business purposes. One is paid off and its used car value is about $3500. The other we are nearly done with making payments and the used value is $8500. Both cars are used 95% by my wife and I separately in our consulting businesses. The 3rd car is worth about $20,000 and the loan is about $30,000 so while I would like to keep it probably out of the question and not absolutely necessary. What is the best way to handle the 3rd car with the lender? We are 2 payments behind.
Our house is underwater but we will try to save it so my understanding is we would use option 2 in California for exemptions?
Thanks for any help as I have not seen specifics regarding these type of questions. Any suggestions in finding a good attorney in the Ventura Santa Barbara area? Is it better to have an attorney in Santa Barbara since the court is located there to save on travel time and such? Or better to have a Ventura attorney since rates tend to be lower in Ventura than in Santa Barbara?