random questions

[e123low]

First off I want to say that these forums are an excellent resource. Thanks to everybody who has contributed in making this place what it is.

I have a couple of questions about unsecured debts. Is all credit card debt unsecured? How can you tell? If a bank issues you a personal loan, is that also unsecured?

If you state laws issue that you are given a $3000 exemption for a vehicle, who determines the value of you car? Is it the blue book value?

Sorry if these questions come up a lot. I searched for a little while but there is just too much information to sludge through.

Thanks.

[edwards2]

No problem...welcome...I dont know for sure about the vehicle - Minny or some of the others would know - I think it is the blue book value but again someone else will chime in on that one. As for the unsecured cards yes most credit cards are unsecured. It is like a personal signature loan. You would know that if you dont have money in an specific account tied to the credit card and you can only charge what you have in the account. Those are typically issued to people post-BK or people who dont have good credit. The advantage would be it is a rebuilding credit tool. However, obviously if you have a Best Buy card and charged a computer on the card that would make a difference. Best Buy could come after the computer as could a furniture company if you charged furniture. A bank loan could be a secured loan if you put up collateral like a vehicle or furniture or the like to secure the loan. This is a great forum. These guys have a wealth of information especially based on experience. Let us know how we can help.

[anonymuse]

Use something like kbb.com for vehicles.

[danas15146]

Our attorney used Kelly Blue Book to determine our vehicle values. We are Chapter 13 - not sure if the trustee would have wanted something more if we were Chapter 7.

Regarding the credit cards, I know that when Circuit City filled out their claim they marked $99 secure (my guess - from a portable DVD player that we bought in January) and the remaining nearly $8,000 as unsecure. Not sure if that helps them get more from our plan our why they bothered to break it down for that small amount.