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Asker
Posted about 2 years ago.

Hi Attorney, Brian,

With..."Don't forget to value the vehicle at its fire sale net liquidation value..."

Are you referring to the 'lowest' price point ?

Brian Crozier Whitaker
Brian Crozier Whitaker, Bankruptcy Attorney - San Diego, CA
Posted about 2 years ago.

yep ... don't forget to deduct costs of sale

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Asker
Posted about 2 years ago.

Ok, got it !!

Will the trustee take away the vehicle at the creditors meeting then if the trustee decides to pursue ?

Brian Crozier Whitaker
Brian Crozier Whitaker, Bankruptcy Attorney - San Diego, CA
Posted about 2 years ago.

Not necessarily ... how would you get home?

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Asker
Posted about 2 years ago.

I always like your answer...!!! Seriously !!

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Asker
Posted about 2 years ago.

Can you kindly elaborate on what is the typical run if the trustee decide to pursue the vehicle ?

Brian Crozier Whitaker
Brian Crozier Whitaker, Bankruptcy Attorney - San Diego, CA
Posted about 2 years ago.

He will likely tell you that he will be sending someone to pick up the car. At that point you are free to negotiate with him to "buy out your equity", ie., offer him something close to what he will net to pay creditors. If you can settle on a figure, you can keep the car.

Diane L Gruber
Diane L Gruber, Bankruptcy Attorney - West Linn, OR
Posted about 2 years ago.

Most trustee would rather get cash from you than go to the trouble of actually taking and sellilng your car.