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question about car in bk 7

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    question about car in bk 7

    i have spoken with an attorney and long sotry short i was fine until i had a crisis come up with my dad getting sick and had to stay out of work so long. i had perfect credit now im headed to 90 days late. everything seems kind of simple i dont have enough equity to keep my home. i thought i had a major problem as i did a waranty deed 5 months ago but didnt transfer propetry just tied it together. i was trying to get it to value more so i could refinance but i cant even do that now and my attorney said it is alright since i didnt try to send it to some one else (it was 2 acres that touched). my problem now seems to be my car.

    i worked to get it paid off several years ago. it is a nissan truck and has held more value that i thought. it is a 2002 model with 90,000 miles. kbb has it at 9000, edmunds at 10000 and nada at 12000. i have tkaen those figures to my attorney. i don't think anything that high can be right for a vehicle this old so im leaning more with the 9k figure. still our state only has 3500 in vehicle exemption but i did not use my wild card which is another 600. my mortage is 90000. zillow has the home at 78000, epraisal at 105,000 and my county tax assesor at 88000. so no matter what i will get to keep the house with the 21000 exemption. my attorney suggested a cma from a real estate compnay to get a better grasp on the value and i may have another 5k i can put on my vehicle exemption.

    besides all of this though the attorney said he has never know of a trustee to take a car this old unless it was some kind of antique car. in other words, he doesnt think 10 year old frontiers, tacomas or trucks like this will interest an attorney with so much age and miles. does this sound right?

    also, he said it costed about 3k to store, auction and trustee get his share of a sale. so even if it is worth 12000 he claims the trustee wont go to such extremes to receover 3000 out of 27000 in unsecured debt. does this sound right?

    #2
    Welcome to the forum!
    Have you actually hired an attorney already? Or spoken to a few?
    Your attorney HOPEFULLY has a handle on local practice.
    The tt may take the car or more likely, will ask you to buy back your equity, tossing off a figure and leaving you to negotiate from there. You might want to visit a local CarMax to get a truer idea of the value.
    Ask if you can use any of your leftover home exemption to exclude some of the car.

    Keep On Smilin'

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      #3
      The attorney probably knows what he's talking about, but there is always a risk. If you haven't retained another attorney, take keepsmiling's advice and consult with a couple others.

      Also, take the attorney's advice and get a cma so you know how much exemption you have left after exempting your home.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment

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