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    difficulty valuing property?

    We met with the attorney today and got all the paperwork to fill out for BK7. There are a couple of things I'm having a really hard time finding a value for, so I'm not sure how to deal with it. My husband has a classic car (more than one but we were able to ballpark the others and they're worth less than 2000 each and would need to be towed away if sold, but they can go if needed) that, if it were restored would be worth a good bit of money, but he had just started the restoration on it went everything went topsy-turvy so it's currently in pieces and is missing quite a few of those pieces. He doesn't have an engine, transmission, or any of the mechanical parts for it; there are no tires; the body has a lot of rust/damage, and it's currently on the other side of the state in a friend's garage where they had been working on it. KBB/Edmunds only goes back to the early 90s, and all the classic car valuation tools assume the car is at least complete, assembled, and running, so their value is way overstated for our situation. I can't even find anything comparable on ebay, craigslist, or anywhere else. We're hoping and praying we have enough in exemptions to cover this car (or at least enough in exemptions to make it possible to buy back from the trustee) - it's one of two things we really want to save.

    The other item I'm having problems with is a timeshare (my mother-in-law bought it years ago and we let her put in our names because we were stupid; we're surrendering it) - no one currently has anything at this resort for sale, so I don't know what to put down for value.

    Any ideas appreciated!

    ETA: We're in GA if that matters for anything.

    #2
    It won't give me the edit option a second time, so I'll just comment.

    I don't know what valuation tool GA uses, but NADA seems the common one in most states. NADA's low retail still assumes a complete, operational vehicle (their words: "This vehicle would be in mechanically functional condition, needing only minor reconditioning"), so I think what we'll do is bring that to the attorney along with a list of the bare minimum of what is needed to bring this car to that condition and ask him if the trustee will take those costs into consideration as a deduction from the NADA value.

    Does that sound reasonable, or is there a different way we should do it?

    Comment


      #3
      Most Districts use "clean retail" form NADA, Kelley or Black Book. You can then claim that there are issues. I claimed dents, chips in paint, broken axle, bald tires, check engine light is on. I reduced my vehicle by $1,000 (although the tires on the SUV would have been that alone, I did not want to get "greedy").

      For your timeshare, I may be inclined to put the value at $1. You an look on eBay and see if there are any units or similar units for sale in the area (with similar attributes/amenities). Otherwise, it's anyone's guess. The Trustee's usually don't want these as they are difficult to deal with and you literally have to sell them for $1. if you're paying the maintenance fees (MFs), then you really should surrender the timeshare. You may be able to deed it back to the timeshare holding company and be done with it.

      Just follow your attorney's lead but provide them with the necessary information.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      I am not an attorney. Any advice provided is not legal advice.

      Comment


        #4
        Thank you! If we're claiming a LOT of issues would taking in photos help? Since he was starting a restoration he took photos of each part as well as the whole to keep track of progress.

        We're definitely surrendering the timeshare.

        Comment


          #5
          Originally posted by multipass View Post
          Thank you! If we're claiming a LOT of issues would taking in photos help? Since he was starting a restoration he took photos of each part as well as the whole to keep track of progress.

          We're definitely surrendering the timeshare.
          Please, don't get into any "discussion" with the Trustee over the state of a "classic" car. That has always ended badly; for the debtor. It's just an old car that is not running with no motor (period). Only answer with "yes" or "no".

          It's not a classic... it's a steaming piece of dung steaming in the garage!
          Last edited by justbroke; 03-30-2017, 08:20 PM.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          I am not an attorney. Any advice provided is not legal advice.

          Comment


            #6
            Thank you so much for the advice; I'm horrible about wanting to explain things - I need to practice "yes" "no" and silence before the 341 meeting lol.

            Comment

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