Posted On: January 25, 2011
What is the Value of My Vehicle in a Florida Bankruptcy?
A common question in bankruptcy is "How much is my vehicle or vehicles worth?" There are several vehicle appraisers out there but the most commonly used entity is "Kelly Blue Book." In fact, their site can be viewed at Kelly Blue Book.
The value of a debtor's vehicle(s) is very important in a Chapter 7 bankruptcy. If there is equity in the vehicle, a debtor will want to protect that equity if he or she can by applying exemptions.
After applying allowed exemptions, if there is still unprotected equity in the vehicle, the Trustee could essentially seize the vehicle or make the debtor buy back that equity. If there is a loan on the vehicle, and the loan is worth more than the vehicle, then there is no equity and no threat of losing the vehicle as long as the debtor continues to make the loan payments.
If you have questions about Florida Foreclosures or Bankruptcy Law contact a Florida Attorney
Greg Gilbert
Keith Maynard
