I am posting this because I checked the NADA value (required by our District) of my 1999 Toyota Sienna Van 5 dr LE today. It has increased almost $2,600 since I checked it either late last Sept. or Oct. as I remember the Retail Value was right around the Federal exemption of $3,200 & now it is at $5,825 since I checked it either late last Sept. or Oct. I know somewhere in my messy office is a copy of it. When I find it I will give you the actual date. I recall putting in 130,000 miles even though it has about 96,000 miles.
I bought it new on May 12, 1999. The rear back seats are out and a lift has been installed with a remote control for me to hook onto my Scooter and put it in my Van all by myself
So I hoping when we file & attend 341 Trustee might cut us some slack (partial disability aid, maybe?) as Parking, getting into the Courthouse, up the Elevator and then a nice long walk down the hall, I cannot walk. So I will be using my scooter, have my foot brace on & have my cane to get off scooter if need be. Yup, no makeup, nice blouse & capri pants with Dr. Scholls tennis shoes.
I've been reading where used car prices are soaring because New Cars are not selling. So, I did a google & this is the first one that came up dated March 2009 in Orlando, FL. I also was reading some posts on this forum.
This bothers me too, because our housing market value in West Central Arkansas only dropped about 15% to 20%. We had 3 homes on our street with new Realtor signs in their yards. Last home sold in our area was Oct. 08,3/08 & ours 12/07. Yeah, I was nosy and looked at the pictures, prices, sq. footage yada, yada. Added the total prices (even tho I know they will not sell for that price) & added the total square footage and came up with around $73.42 a sq. footage.
In our subdivision all have at least 1/2 acre (ours is 6.667, just a little over 1/2 acre) (some 3 bdr, some 4 bdr). Either open back yards or privacy fence (requirement) The Value of the homes have only decreased on the average 10% - 14% & really most everywhere except, Little Rock & the Bentonville area (Sam Walton's family lives there & Wal-Mart's headquarters are located there also) might be a smaller decrease.
We closed on our home 12/20/07. In the Bankruptcy Packet from our Attorney it states to list the principal balance of your home. If we filed tomorrow, we would underwater by approximately $6,000. They are building more homes in our subdivision also.
Now, hubby's truck is underwater by about $6,000, but that price includes another 2 yr. warranty and hubby is 6'6" tall and cannot drive even some of the pickups on the market. Hmm, I did the same thing on his truck last year. Will find that too.
Our Attorney's contract price include 2 reaffirmations. Going to be have some Long Thinking Processes and discussions with Attorney in regard to DH's truck and our mortgage.
Consequences Of Debtor Not Signing Reaffirmation Agreements For Car Loans and Leases
Chapter 7 bankruptcy debtors are required to reaffirm car loans in order to keep their car and their car loan through a bankruptcy. The bankruptcy code says that if a debtor does not reaffirm a car loan (or other secured personal property loan) the automatic stay is lifted as to that loan and the creditor can repo the car. In practice, there are varying consequences for a debtor’s inability or unwillingness to sign a car reaffirmation agreement. According to one prominent creditor attorney, if a debtor refuses a reaffirmation Ford Credit will repossess the vehicle even if the loan is current. GMAC will not repossess the car but will reserve its right to do so in the future at its discretion. If a debtor submits a reaffirmation agreement, but the bankruptcy denies the reaffirmation because the judge believes its not in the debtor’s interest, most lenders will not repossess the vehicle if the loan is current.
The reaffirmation of car leases is unclear. The bankruptcy code does not require reaffirmation of car leases, and the Orlando judges typically will not approve a lease reaffirmation agreement. The debtor can assume or reject leases, but the debtor does not "reaffirm" a lease, technically speaking. The major car lenders will insist that bankruptcy debtors sign reaffirmation agreements for car leases, but in this case, if the debtor refuses to reaffirm a lease the lenders usually will not repossess the vehicle if the lease is reasonably close to the end.
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Good News For Used Car Dealers May Not Be Good For Chapter 7 Debtors
I buy all my cars from a guy named "Mo" in Longwood, Florida, at his business called Auto Gallery. I’ve purchased several used cars from Mo during the past 15 years. Last week I asked Mo how his used car business was doing, expecting to hear the type of complaint currently expressed by most businessmen that business is way down and that they are struggling to survive. Instead, Mo told me, with a big smile, that his used car business is booming! He said it has never been easier to sell his cars and that large dealers are willing to pay extremely high prices for his cars; Mo can’t keep cars on the lot. I thought Mo might be doing something illegal if he was making so much money in today’s economy, but his joy about his used car sales was later confirmed by a USA Today article that said used car prices are soaring because people are buying used cars instead of new cars. This is good news for Mo, but its not good news for people who file Chapter 7 bankruptcy.
Florida bankruptcy debtors are limited to $1,000 car equity in Chapter 7. People who don’t own a homestead get additional exemptions. Last fall, as the credit dried up and the economy declined, car values declined. Chapter 7 trustees at that time were relatively less interested in pursuing debtor’s cars because the used cars were depreciating assets. Now, with the strong recovery of the used car market, more and more debtors will find that their used cars exceed the applicable car exemptions. Chapter 7 trustees are likely to be more aggressive challenging debtors’ low car valuations, and the trustees will be more aggressive pursuing debtors’ used cars. I usually suggest debtors appraise their car at large dealers such as Carmax or AutoNation as these offers are a reasonable estimate of what a bankruptcy trustee could realize from a car auction.
O Me, I know you Floridians have a Good Homestead Exemption but the Car Exemption is the Pits LOL!
Posts are just 'Food for Thought'. Have Good Evening!
Luci
I bought it new on May 12, 1999. The rear back seats are out and a lift has been installed with a remote control for me to hook onto my Scooter and put it in my Van all by myself
So I hoping when we file & attend 341 Trustee might cut us some slack (partial disability aid, maybe?) as Parking, getting into the Courthouse, up the Elevator and then a nice long walk down the hall, I cannot walk. So I will be using my scooter, have my foot brace on & have my cane to get off scooter if need be. Yup, no makeup, nice blouse & capri pants with Dr. Scholls tennis shoes. I've been reading where used car prices are soaring because New Cars are not selling. So, I did a google & this is the first one that came up dated March 2009 in Orlando, FL. I also was reading some posts on this forum.
This bothers me too, because our housing market value in West Central Arkansas only dropped about 15% to 20%. We had 3 homes on our street with new Realtor signs in their yards. Last home sold in our area was Oct. 08,3/08 & ours 12/07. Yeah, I was nosy and looked at the pictures, prices, sq. footage yada, yada. Added the total prices (even tho I know they will not sell for that price) & added the total square footage and came up with around $73.42 a sq. footage.
In our subdivision all have at least 1/2 acre (ours is 6.667, just a little over 1/2 acre) (some 3 bdr, some 4 bdr). Either open back yards or privacy fence (requirement) The Value of the homes have only decreased on the average 10% - 14% & really most everywhere except, Little Rock & the Bentonville area (Sam Walton's family lives there & Wal-Mart's headquarters are located there also) might be a smaller decrease.
We closed on our home 12/20/07. In the Bankruptcy Packet from our Attorney it states to list the principal balance of your home. If we filed tomorrow, we would underwater by approximately $6,000. They are building more homes in our subdivision also.
Now, hubby's truck is underwater by about $6,000, but that price includes another 2 yr. warranty and hubby is 6'6" tall and cannot drive even some of the pickups on the market. Hmm, I did the same thing on his truck last year. Will find that too.
Our Attorney's contract price include 2 reaffirmations. Going to be have some Long Thinking Processes and discussions with Attorney in regard to DH's truck and our mortgage.
Consequences Of Debtor Not Signing Reaffirmation Agreements For Car Loans and Leases
Chapter 7 bankruptcy debtors are required to reaffirm car loans in order to keep their car and their car loan through a bankruptcy. The bankruptcy code says that if a debtor does not reaffirm a car loan (or other secured personal property loan) the automatic stay is lifted as to that loan and the creditor can repo the car. In practice, there are varying consequences for a debtor’s inability or unwillingness to sign a car reaffirmation agreement. According to one prominent creditor attorney, if a debtor refuses a reaffirmation Ford Credit will repossess the vehicle even if the loan is current. GMAC will not repossess the car but will reserve its right to do so in the future at its discretion. If a debtor submits a reaffirmation agreement, but the bankruptcy denies the reaffirmation because the judge believes its not in the debtor’s interest, most lenders will not repossess the vehicle if the loan is current.
The reaffirmation of car leases is unclear. The bankruptcy code does not require reaffirmation of car leases, and the Orlando judges typically will not approve a lease reaffirmation agreement. The debtor can assume or reject leases, but the debtor does not "reaffirm" a lease, technically speaking. The major car lenders will insist that bankruptcy debtors sign reaffirmation agreements for car leases, but in this case, if the debtor refuses to reaffirm a lease the lenders usually will not repossess the vehicle if the lease is reasonably close to the end.
--------------------------------------------------------------------------
Good News For Used Car Dealers May Not Be Good For Chapter 7 Debtors
I buy all my cars from a guy named "Mo" in Longwood, Florida, at his business called Auto Gallery. I’ve purchased several used cars from Mo during the past 15 years. Last week I asked Mo how his used car business was doing, expecting to hear the type of complaint currently expressed by most businessmen that business is way down and that they are struggling to survive. Instead, Mo told me, with a big smile, that his used car business is booming! He said it has never been easier to sell his cars and that large dealers are willing to pay extremely high prices for his cars; Mo can’t keep cars on the lot. I thought Mo might be doing something illegal if he was making so much money in today’s economy, but his joy about his used car sales was later confirmed by a USA Today article that said used car prices are soaring because people are buying used cars instead of new cars. This is good news for Mo, but its not good news for people who file Chapter 7 bankruptcy.
Florida bankruptcy debtors are limited to $1,000 car equity in Chapter 7. People who don’t own a homestead get additional exemptions. Last fall, as the credit dried up and the economy declined, car values declined. Chapter 7 trustees at that time were relatively less interested in pursuing debtor’s cars because the used cars were depreciating assets. Now, with the strong recovery of the used car market, more and more debtors will find that their used cars exceed the applicable car exemptions. Chapter 7 trustees are likely to be more aggressive challenging debtors’ low car valuations, and the trustees will be more aggressive pursuing debtors’ used cars. I usually suggest debtors appraise their car at large dealers such as Carmax or AutoNation as these offers are a reasonable estimate of what a bankruptcy trustee could realize from a car auction.
O Me, I know you Floridians have a Good Homestead Exemption but the Car Exemption is the Pits LOL!
Posts are just 'Food for Thought'. Have Good Evening!
Luci