How Do I Get a Value for My Car to Put On my Bankruptcy Forms?
By Kurt O'Keefe, Attorney at Law on Sep 25, 2007 in General Bankruptcy Information
The answer to this is the same as the answer to most research questions these days, use the Internet!
Google, or whatever search engine you prefer, used car value. Or used van, truck, SUV, value.
You sign the bankruptcy schedules under penalty of perjury. It is important to list accurate amounts on those schedules.
As with any of your property, market value is what a willing buyer would pay a willing seller for the property you have, in whatever condition it is in now. Not what it cost new, not what the insurance company would pay you to replace it after a fire, but what someone would pay you for it, just the way it is.
(There are some exceptions to this general rule I will not go into now.)
An actual sale to a disinterested person would be the ultimate proof of value, but you do not have to actually sell anything to file bankruptcy.
Some websites will show actual vehicles for sale in your area. That is a good measure. Find something close to what you have.
Then, realize if it is still for sale, the market value must be worth less than what the seller is asking. Otherwise, someone would have bought it.
Adjust for options and mileage, if what you found is significantly different from your own car.
You can link to the Kelly Blue Book website and check those values, too. Generally, the more information you get, the more accurate your number will be.
You can collect the information and present it to your attorney, and together come up with a reasonable good faith number.
Remember, you are swearing to this information. You do not want to put yourself in a position of later arguing that your number was too high. Odds are, you will be stuck with the amount on your schedules.
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Jonathan Ginsberg | Sep 26, 2007 | Reply
In addition to the Internet resources identified by Kurt another option is to take your vehicle to a local CarMax. CarMax will give you a written purchase offer that reflects an actual offer from a bona fide third party purchaser. I have successfully used this type of valuation in Chapter 7 and Chapter 13 filings in my Atlanta bankruptcy law practice.