![]() These publications are updated regularly and allow you to find the retail value, the trade-in value and the private party value based on your vehicle's make, model, model year, and condition. "Blue book value" is a method based on using trade publications such as the Kelley Blue Book, the Black Book, or the NADA Valuation Guide. This valuation method is more of an "educated guess," but it is sufficient in most situations.īlue Book Value. You can look online and in newspapers to see what cars of your make, model, and age are selling for. Whatever the standard, there are a few ways you can find the value of your car for your bankruptcy paperwork. Other valuation methods include the private party value, which is the price you would pay if you purchased the vehicle from a private party and not a dealership, and trade-in value, which is the value a dealer would apply if you turned in the car to buy a new vehicle. Your bankruptcy district or circuit may use a different standard, however, so make sure to find out the standard in your area. The retail replacement value is what you would pay for a similar vehicle in a similar condition in the current market, as of the date you file your bankruptcy case. The most common standard for valuing a car in bankruptcy is the retail replacement value. There are several different standards for valuing a car in bankruptcy, and which standard applies to you depends on the law in your bankruptcy district or your federal circuit. The Standard for Valuing Property in Bankruptcy If you have a car, using the right valuation method could mean the difference between your keeping the vehicle or losing it to the trustee. Valuing your car, van, truck, motorcycle or other vehicle is an important part of a bankruptcy case when you file for bankruptcy, you must include a list of everything you own and how much each item is worth.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |