I. When filing bankruptcy, you are required to list what you own and what it’s worth – “market value”
A. “Vehicle market value” is the dollar amount it would sell for, now, in “as is” condition, off a dealer’s lot or by classified ad.
1. “Market value” is not:
a. Dealer trade-in value
b. Sentimental value
c. Replacement cost
d. After you make needed repairs or new tires
2. Don’t be too proud of your vehicle’s “condition”
a. Unless literally “like new” condition, any car older than 5 years is legitimately “fair condition”
3. In bankruptcy, you want to value your property legitimately, but on the “low end”.
a. Don’t use “NADA’ – provides high-end values
II. Where do you get this information? You have two options:
A. Go to a dealer
1. Ask for a high estimate and low estimate of what your vehicle would sell for off the dealer’s lot, today, in “as is” condition
2. Remember the dealer and sales person’s name in case you need more information later
B. or; Kelley Blue Book. Obtain the private sale, fair condition value of your vehicle.
1. Go to www.kbb.com
2. Click on “Check My Car’s Value”
3. Select the year, make and model of your vehicle, enter mileage
4. Click “Next”.
5. Select your car’s style by clicking appropriate “Choose This Style” button.
6. Select your car’s options/accessories.
7. Click “See Blue Book Value” at the bottom of the list of options.
8. Click “Sell to a Private Party”.
9. Click “Get Blue Book Value” next to “Fair” condition.