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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Hi Wallstreet, I know you gave me a list of possible questions

This answer was rated:

Hi Wallstreet,
I know you gave me a list of possible questions the trustee may ask us. However, is it possible that the trustee will ask us anything about your vehicles such as the condition or anything? We have 3 vehicles. We already gave the Lawyer the KellyBlue book values.

WALLSTREETESQ :

they will ask for an appraisal, the appraisal should be the fair value of the car with the condition and mileage, the trustee will not inquire much about a vehicle, unless there is equity in the car, and it is not protected.

WALLSTREETESQ :

If you have three vehicles of limited equity, the trustee would not question them,

WALLSTREETESQ :

he would review the blue book values, and see if they are reasonable,

WALLSTREETESQ : they will ask for an appraisal, the appraisal should be the fair value of the car with the condition and mileage, the trustee will not inquire much about a vehicle, unless there is equity in the car, and it is not protected.
WALLSTREETESQ : If you have three vehicles of limited equity, the trustee would not question them,
WALLSTREETESQ : he would review the blue book values, and see if they are reasonable,
Customer: replied 3 years ago.


We owe on one of them, which is a 2004 so there is no equity in it. The other two are paid for. One car is a 2006 and the other is a year 2000 truck.

The paid off cars will be an issue, the 2006 car may be worth more as it is newer, so consider taking a picture of the car and the miles reading for that vehicle if the trustee wants to verify the condition.
Customer: replied 3 years ago.

So you are saying the trustee will focus on the paid off cars even though according to the Blue Book value, they all are below the exemptions of $22000?


 

If the cars are easily below the $22000 exemption, it would not be looked at, if their is any issue with the value of the cars, he could ask for evidence of the condition of the paid off cars.
Customer: replied 3 years ago.

Has this ever happned to any of your clients where a trustee will ask for more information on the cars? I'm a little worried about the 2006 vehicle since the trustee might want me to get it appraised(other than the blue book value that we turned in to the Lawyer).

no, for a 2006 car, unless it is an expensive model such as a mercedes, the trustee will review the blue book value, for example is you have a 2006 mercedes and listed it at $2500 that would raise an issue,

if it is listed at $12,000 that would be reasonable.
Customer: replied 3 years ago.

No, we have a Lexus and it's in fair condition and it's worth about $9,800 according to blue book.

that is fine
Customer: replied 3 years ago.

Ok, I don't want sound dumb, but Mercedes are usually more expensive than a Lexus right? LOL

yes, but the idea is the same, a lexus from 2006 would be reasonable valued at $9000-$12000 that is reasonable, if you listed it at $2000 that would be looked at.
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Customer: replied 3 years ago.

Wallstreet,


I just told Phillips that once I am finished with this Bankruptcy stuff that I will give you both a nice bonus. I just can't pay a bonus right now. I hope you understand.

no problem, good luck, and thank you

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