This is for Ohio- $1,400 is the exemption- I'm about to pay off the car in full by November. When is the value of my car determined? Is it right before the 341? (2002 Toyota Corolla) Right now KBB.com states it is about $5500 So $4100 would go into the pot- but as time goes on, the value will dwindle as the miles go up. This is my only asset. Should I continue to wait on paying my atty in full, so the value of the car goes down? Is KBB (Kelly blue Book) what the trustee uses? This is a weird question too- from what company can my car be determined to have the least amount of value?
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Hi Howie
Try Edmunds to rate your car.
How many years do you want to wait before you pay your attorney? Like 2 years? Then the car value would go down a little but don't expect much in just one year.
Double check & see if Ohio gives a wild card exemption for any other personal property that would help cover the rest of your car.This is my only asset.
Is November your last & final payment? -
The value is set as of the day you file BK. That value is what's listed on your Schedules.
Bandit makes a good point. The major depreciation that occurs with a vehicle is within the first few years. Older vehicles depreciate less and less with time.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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You should be using the "trade-in" value of the car not the retail or private sale.Comment
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