Buy back your vehicle in CH.7?

[AMISLANDER]

Does anyone have any experience in what happens when you own your vehicle but may have the option to buy it back? And/or will anyone else be facing this issue?

[Minnymouth]

Under Chapter 7 if you own your vehicle you are allowed so much for a vehicle exempton in your state. Anything over and above that amount is considered an asset. You may be able to use a wild card (if your state allows) to exempt the rest. Example: If state allows $1500.00 for your vehicle and its worth $3,000, then you are going to have to pay the Trustee $1500.00 in order to keep it....
Depends on the value of vehicle and what state exempts.

If your from Florida, Robivi3 might be able to help you with stats. Floridagirl also.

Also in Catagory 2 on the forum, find your state and check the listing for exemptions. Unfortunately with the new laws some of these may have changed in the last 30 days.


Hope that helps,

Minny

[AMISLANDER]

FL exemption is:

$1K...Toyota has the car at $6K (2000 4Runner w/93K miles), I had them do a running addition on the work that's needed on the vehicle to see if that might bring the value down...??? Otherwise, I can't see buying back my car for $5K when it needs about $4,500 in repairs...they can have the repair bill.

Now, if they want $2K to keep it...maybe....I'm just totally confused on this one.

If they want it, how do they notify me of when they want it so that I can have alternative transportation (i.e. anther car)?

[StaciMM]

Amislander-
Doesn't your mother have a lien on it from last year for $5000? If so, you should be fine. Value less lien = equity that you own.

[FLGirl]

Fl

submit or bring all estimates that would affect the value of your car... I did that and it went like a breeze - no need to buy back any part of my car although my attorney valued it at $1072 and the exemption is only $1000 - AND the trustee in his letter prior to 341 said that he would value the car at RETAIL! $3200! he did NOT! yippee....

i'll post more on my experience TODAY later...

should you need an attorney i have a great one i can recommend if you're anywhere near tampa....

[AMISLANDER]

submit or bring all estimates that would affect the value of your car... I did that and it went like a breeze - no need to buy back any part of my car although my attorney valued it at $1072 and the exemption is only $1000 - AND the trustee in his letter prior to 341 said that he would value the car at RETAIL! $3200! he did NOT! yippee....

i'll post more on my experience TODAY later...

should you need an attorney i have a great one i can recommend if you're anywhere near tampa....

at the 341 I gave the trustee an appraisal on the 4Runner that I got from Toyota with the repairs subtracted from that price...where can I check on Pacer to see if they might change it from no asset to asset in regards to the SUV? How was your trustee in regards to your car at the 341...I did give a copy of the title, with my mother as a lienholder. He asked me if I had a note from her on it and I didn't want to lie because we don't, so I told him it was a verbal agreement in good faith...I don't know if that was a good enough answer for him. It holds in real estate...hmmmm

[AMISLANDER]

Amislander-
Doesn't your mother have a lien on it from last year for $5000? If so, you should be fine. Value less lien = equity that you own.

She does! I'm hoping that's the way it goes. Gave a copy of title to trustee w/mom on title from last year....I don't know if they'll honor it...that's the thing.

[StaciMM]

I know my logic may not be worth much, but... Since your mom is the lienholder, the trustee can't do a THING to get ownership of the vehicle without her consent.

[AMISLANDER]

I know my logic may not be worth much, but... Since your mom is the lienholder, the trustee can't do a THING to get ownership of the vehicle without her consent.

Ya think? I am just petrified...as with everyone here on this board, I'm trying to figure out how to stay afloat, get through Xmas, and be able to get to and from my job as well as pay my bills and having to deal with this car issue is just driving me nuts (no pun!).

Bankruptcy may get rid of my past cc bills, but the struggle is still on, like everyone else, to maintain where I'm at...