Do trustees use KBB.com to rate your car value?

[Scream2Death]

I gave up my lease Ford explorer and purchased a 1998 Chrysler Town and Country with 140k for $1,000.(Owner had to move, needed to sell quickly) Kbb lists it in good condition at $4,000


How does purchasing this car affect bankruptcy? I paid via cash, but I'm sure it will show up on DMV records. But I needed a vehicle, since I gave up the Ford lease.

how does the trustee go on evaluating cars?

do they use Kbb.com?

NY bk exempt laws indicate vehicle can not be over 2400 in value

Can I still keep the van when filing bankruptcy?(i tried search, but it came back with all different kinds of things)

thanks again everyone!

[lrprn]

You got a good deal on the T&C van - that's a great buy! Bk courts typically use Kelly Blue Book or Edmunds.com to value cars. Some courts want you to average the three prices, others use the trade-in price. An experienced NY bk lawyer will know what's standard for your NY bk district.

Suggest going to Edmunds.com's used car evaluator and plug in all the information about your Chrysler to see how it compares to the value you found on KBB.

NY bk exempt laws indicate vehicle can not be over 2400 in value. Can I still keep the van when filing bankruptcy?

Depends on how much over $2400 your T&C van is valued by the trustee. It's doubtful the trustee would seize your car unless there's enough value in it after your exemption to leave a tidy profit for your creditors after it would be sold at auction. A used 1998 van is not likely to be worth his/her time. A lawyer familiar with the practices in your bk district will be able to give you a lot more accurate idea of what to expect from the Ch 7 trustees there.

[FilingOnMyOwn]

Yeah. If I were you, I would just claim its worth 1,000. After all, that is all you paid for it. And they're not going to go after a mainstream type vehicle that is 9 years old.

[Scream2Death]

thanks again everyone!

[robivi3]

It won't hurt to stop by and get a Carmax offer. no one will know but it can be used to your advantage if needed. A friend of mine had a MINT 2004 Grand Caravan (the only owner), 22,000 miles with no accidents. they only offered him 8K. Carmax has in my experience been VERY generous and even offered 7k for my 2001 GMC Sierra with 105,000 miles. Several other cars were actually sold by me for less than their offer after trying to advertise them. Caravans typically don't have a great resale and that will work in your favor.

My Trustee tried to skewer me for the value of my old 1996 Chevy Corsica (GOOD LORD!) and even though he is wealthy I have seen a bunch of Taurus', beater condition Honda's on his website for auction. If the fuse for the AC compressor clutch is missing it will not work, Carmax likely won't even check but it will be noted "AC not blowing cold" and this will lower the value even more. I mean fuses do get removed if you need one for say, the fuel pump in a pinch!