Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

difficulty valuing property?

  • Filter
  • Time
  • Show
Clear All
new posts

  • 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?


    • #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.


      • #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.


        • #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, 10:20 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.


          • #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.


            Unconfigured Ad Widget