0
It sort of depends...if you mean for exempting it for BK purposes....frankly the legal limit is so low (something like $750) that if they really stuck by it, no one would have a usable car after bankruptcy. More a smell test...age, type, model all reasonable, not extravagent, not so much that it would really be able to help your financial situation well...and needed...exempt it. As to the value of a car that is security, very simply...it is the amount it gets sold for...if it doesn't sell for enough to pay the loan/lien...you owe the extra...doesn't matter what the book is, how great the paint...whatever...the amount it is sold for.
What else can I help you with?
Can you file bankruptcy on a loan for a vehicle?
Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.
What property can bankruptcy court take?
All assets that are worth something can be liquidated (sold or auctioned to pay outstanding debts).
What formula is used to determine if a vehicle is a total loss in Texas?
If the cost to repair is more than the vehicle is worth to replace then it is considered totaled.
If you file personal bankruptcy can you keep your personal vehicles in Pennsylvania?
MAYBE! Most states set limits on the value of a vehicle that you can keep after filing bankruptcy. You can't go out and buy a brand new Porsche or Mercedes Benz and then file bankruptcy and keep the car. You will be limited to something that is worth less than $3000 or so.
What is the best bankruptcy lawyer in Fort Worth, Texas?
With the current recession there are several bankruptcy lawyers around. I would suggest trying Fort Worth Bankruptcy Lawyer | Bailey & Galyen(817) 263-3000.
How much is 121 volumns of cch tax court memorandum desisions worth?
The condition of the 121 volumes of CCH tax court memorandum decisions will determine how much they are worth. The expected value is only a few hundred dollars.
How do I check my car's worth?
Try using online value checkers for used and new cars, such as Kelly Blue Book or Edmunds.com. Using these websites makes it possible to determine the worth of your vehicle.
Can bankruptcy take your cars?
Bankruptcy doesn't "take" anything. On filing, all of your assets become property of the bankruptcy estate, administered by the trustee, unless it is exempted. Some states require you to use the state exemptions, some let you choose between the federal or the state exemptions, and the rest require the federal exemptions. You can usually exempt one motor vehicle (what it's worth, less any liens or loans), though the federal "wild card" exemption can be applied to anything, including a second vehicle.
How can one determine the cash surrender value of a vehicle?
The cash surrender value of an item is how much cash someone would be able to get for it if the insurance on it was suddenly cancelled. If one could not pay insurance on a vehicle and had to sell it, they would have to look for the Kelley Blue Book value to determine the worth of the car.
Can you declare bankruptcy and get out of a car you owe way more than its worth?
for sure
What does the word trials mean?
1) Any proceedings before the court of law. 2) Arduous tests to determine the worth of something or someone. 3) A preliminary test to determine the value of something, such as in medicine (Clinical Trials).
Can you apply for a loan while in chapter 13 bankruptcy?
Not without permission from the bankruptcy trustee/court. Yes. But you will have to overcome a lot of obstacles in order to obtain one. Some lenders will approve a home loan if you are in Chapter 13 bankruptcy but only after you have paid consistently for one year and have a credit score of 620 or above. Lenders, as a rule, will not consider a loan until you have approval from the Bankruptcy Court. You will have to ask your bankruptcy trustee for approval to get the loan. This trustee will give you an amount you are allowed to finance. Unfortunately, the amount is usually low. Here is an example: Annual income: $100,000 All payments to Bankruptcy Court have been consistent for 2 years. Credit score: 630 Amount needed to finance home: $119,000 Bankruptcy Trustee Loan Approval Amount: $65,000 Although you may qualify to receive a loan in the amount of $119,000, the bankruptcy trustee will only allow you to finance up to $65,000. If you do not have $54,000 to make up the difference.....you will not be able to purchase the home. That being said, it's worth a try. So before you start looking at houses for sale, have your attorney request the bankruptcy trustee for loan approval and what amount. At least from there you will know where you stand.
