"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. The Internet is not necessarily secure and emails sent through this site could be intercepted or read by third parties. The lawyer or law firm you are contacting is not required to, and may choose not to, accept you as a client. Any information sent through this site does not create an attorney-client relationship and may not be treated as privileged or confidential. You should not send any sensitive or confidential information through this site. Your number will be held in accordance with our Privacy Policy. You will receive up to 2 messages per week from Martindale-Nolo. Attorneys have the option, but are not required, to send text messages to you. You are not required to provide consent as a condition of service. Messages may be sent using pre-recorded messages, auto-dialer or other automated technology. Martindale-Nolo and up to 5 participating attorneys may contact you on the number you provided for marketing purposes, discuss available services, etc. By clicking "Find a Lawyer", you agree to the Martindale-Nolo Texting Terms.
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