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.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).