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  1. #1
    Join Date
    Jun 2011
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    5

    Default How are Vehicles Treated in Chapter 7 Bankruptcy

    My question involves bankruptcy in the state of: AZ

    Will be filing a Ch 7 hopefully w/in the next 60 days.

    Car blue books appx. $15k, and I owe $648 (2 payments)


    1. How does the court value the vehicle if I were to want to 'buy it back' in the Chapter 7? Any thoughts on what that payoff might be? (2007 Toyota Camry Hybrid, 6 disc changer, Power Sunroof, 40k mi)
    e.g. Trade In Blue Book, Private Sale, Retail Blue, Comparable Auction Prices?




    2. Pre-bankruptcy planning, I am considering trading it in on a newer pre-owned vehicle and having the dealership issue a check back to me for living expenses (I am not working) so it will leave ~$5k in equity.
    e.g. Buy $16k vehicle, using $14k trade in value from current car, dealer issues check to me for ~$9k, and taking out a loan (cosigned/guaranteed by father) for $10k or so.




    3. Anyone have a bank other than a title loan agency that might be willing to loan $10k on a paid off vehicle worth $15k? (Father w/800+ credit score would cosign) My current lender, Capital One doesn't do this.


    I realize I will need to account for where the $ goes in either case, but feel free to provide thoughts if I'm missing some obvious pitfall.

    *I have retained a BK Counsel, we have discussed these topics, but he didn't have many answers.

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