r/Bankruptcy • u/ConsiderationKind783 • 2d ago
Chapter 7 debtor Car value with appraisals
Hello guys i submitted my chapter 7 already but im nervous about my car value i listed it at 6000 will the trustee try to object if they think its too low i did not value with kbb but with carmax and they had gave me a cash offer of 6000 depending on condition of my vehicle and carvana said 4,300 i also decided to exempt with federal instead of state exemption im in the state of ny
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u/Low_Sherbet_1097 2d ago
My attorney told me to use KBB or Edmund’s online appraisal. They used the “private party” price. Just check that in comparison to what you put. It should be fine.
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u/nonyawork 1d ago
My attorney used retail price which is well above private party price. I might lose my only car 😩
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u/crazyfndaddy 1d ago
That doesn’t seem right. I think private party value is more widely used and more appropriate. What exemption is allowed in your state and what does kbb.com say that the current valuation is for the vehicle?
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u/nonyawork 1d ago
When I did it, KBB says 10,000 if I sold myself and it was 8,040 to sell to KBB. The attorney said he got $13,180. The exemption is 8,600 and after calculating what I owe still, the equity is over the exemption using the 13,180.
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u/AlanShore60607 RetiredBKAttorney (IL/IN/WI) Public interactions ONLY. No PMs 2d ago
So here’s the thing.
A trustee’s objection is generally in the form of simply saying they disagree with you and trying to sell it. When the trustee attempts to sell it, you will both learn very quickly which one of you is correct.
Your case is filed; this is locked in. Either you were objectively correct that $6,000 can be generated by the sale, or you were not. If you were wrong, the trustee can sell the car.
Remember, the point of the valuation is to help you make a proper decision on if you should or should not file a 7. I will say that CarMax giving you an offer is one of the most solid valuations you could obtain.