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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.
If you have three vehicles of limited equity, the trustee would not question them,
he would review the blue book values, and see if they are reasonable,
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.
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?
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, we have a Lexus and it's in fair condition and it's worth about $9,800 according to blue book.
Ok, I don't want sound dumb, but Mercedes are usually more expensive than a Lexus right? LOL
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.
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