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