How do the Florida trustees estimate a car value? 2 Answers as of September 28, 2012

I will be filing a joint Chapter 7 Bankruptcy. I own a 2009 Toyota Camry CE. My balance for the loan is just $3,000. I know our exemptions are $11,000. Prices differ from $15,000 to $11,000 and I need to know in the end how much we going to owe to the trustee?

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The Law Offices of Katie M. Stone
The Law Offices of Katie M. Stone | Katie M. Stone
It depends on the trustee. Most of them use NADA or Kelly Blue Book value; however, some trustee's own the software to run your VIN number to get an accurate value. Also, the car exemption in Florida is 1,000 per person, not $11,000. If you do not own a home and therefore not using the homestead exemption, then you have a $1,000 personal property exemption and a $4,000 wildcard exemption per person you can use. If your car has a lot of un-exempt equity in it, you may end up having to buy it back or turn it in if you file a bankruptcy. I would consult with an attorney before you file to better know your rights. I hope you found this answer useful.
Answer Applies to: Florida
Replied: 9/28/2012
R. Jason de Groot, P.A
R. Jason de Groot, P.A | R. Jason de Groot
It is all subject to negotiation with the trustee. If he or she wants too much, tell him or her to have the vehicle picked up. Then get another car.
Answer Applies to: Florida
Replied: 9/20/2012
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