Auto redemption scenarios

[2Bshinyandnew]

[2Bshinyandnew]

anyone?

[StartingOver08]

This sounds like a good question to ask your attorney. I know in our district (S. FL) that the Trustee uses NADA RETAIL VALUE (try getting that anywhere) for the vehicles. So you probably want to document the cars value - photos and third party documentation to bolster your reduced value argument.

If your daughter does not live with you (???) it might be a little easier to show she is the exclusive driver and has it with her in another location. I did that with my daughter that lives in her own place, but had her refinance the car into her name just prior to filing. Everything was disclosed in detail on the petition and the trustee did not flag it (but the car was upside down a little, loan $6k, value $5k). Also both of us were on the title until her refinance, then I was off the title.

Your situation is different because you own the car outright which puts you in a really bad situation. You might have to redeem it in the BK. But ask your attorney.