when assessing a vehicle- do the trustees use the trade-in or private party value..i hope its the trade-in, the value is much less, which means less for me to pay to the court...argh..i'm done with my car payments in november--its odd but i want to find the lowest possible value
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More than likely they send them to the nearest acution and they are wholesaled out to local dealers. Trade-in value would apply. -
With me they used private party KBB. That was the Attorney for the Trustee. Kapila and Associates here do their own car sales."You once asked me for advice. You want some now? Never pass up a good thing." Lieutenant Jean Rasczak, Starship Troopers
Join the Mobile Infantry and save the world. Service guarantees citizenship.Comment
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i have to keep the car thoughComment
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Our attny used Edmunds.com and averaged all 3 values. Wholesale/Trade-in, Private Party sale, and Retail.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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Ford challenged our value--they used KBB private party amount.Filed 07/07, $120k unsecured debt
Plan: $400 (includes cram down) 60 months
Brilliant attorney, decent trustee, awesome planComment
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Which source and level of value used to value a motor vehicle really depends on your court's custom. Ask your lawyer what source and value level your court uses.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
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Here in Dallas, TX I think my attorney used NADA for my car. My attorney did it and came up with a number.
Chapter 13 Filed "Old Law"
Filed: 6/2003 Confirmed: 3/2004
Early pay off sent: 10/05/2007 - 9 months early
11/16/2007 - Discharged!
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I went to a local dealer on the advice of my attorney and had them completely pick apart my vehicle. By the time he found that this and that needed to be fixed, a scratch here, a ding there, I came in under my states exemption. He gave me a hand written, signed estimate which I turned in, and it wasn't questioned. My district would have used Kelly BB. It's worth a try.Filed: 6/24/07
341: 7/24/07
Discharged: 10/07/07
Still waiting for closing, NOW trustee wants the tax rebate on top of my refund. Jerk
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We used the dealer sale /private party plus trade in value and took an average.
WAMch7 8/07 CLOSED: 11/07 Rebuilding and saving.
WAMU unsecured $2,000 Capital One unsecured $500
PAID OFF MONTHLY!!!Comment
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That's something we also did.Originally posted by wellspring View Post
We documented needed repairs and gave our attny copies of the repair estimates. The attny then deducted the costs of the needed repairs from the values of the affected vehicles.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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