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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am trying to value the worth of our vehicles. When I check

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I am trying to value the worth of our vehicles. When I check Kelly's Blue Book on-line, I get a wide range of values, depending on whether we are asking trade-in value, private placement, or dealer suggested retail. Is there a suggested valuation method that is generally accepted by the court? we have a car, used by our son, that we owe about $5,600 on. It KBB value is anywhere from $5,500 to 7,500. we are debating whether to use our wildcard exemptions to cover this, or if the court will accept the low end valuation of $5,000 and allow us to use the wild card on something else. (Tax Return)
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

You are allowed to value motor vehicles at the "Trade-In" value. The reason this figure is used, and not the "Private Sale" figure is the difference is a fair estimate of what it would cost the trustee to sell the car.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

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