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Bankruptcy vehicle valuation in Georgia.

Peachtree City, GA |

What source of reference (in Georgia) is considered to be acceptable in valuation of a motor vehicle when applying the state exemptions ? Is the debtor allowed to self-value the vehicle, or are more sophisticated (and trustworthy) sources (i.e. KBB, Edmunds, etc) given consideration ?

Attorney Answers 6


  1. Best answer

    You can use Kelley Blue Book, NADA, or other guide as a starting point. You can also use comparative listings from Auto Trader or similar site. The point is to have some sort of basis for saying what it's worth beyond your own estimation (unless you also happen to be a car dealer as dealer estimates are also acceptable). Then, if your vehicle needs repairs or has body damage you can deduct the cost of those from the value. Be prepared to support any such costs with written estimates from a mechanic or auto body shop.

    The information provided here is intended to help you be an informed legal consumer and is not a substitute for representation by an attorney.


  2. http://www.nadaguides.com/Cars/Research-Center
    Use trade in value

    You should be using an attorney. We offer in house legal aid. Call for a proposal.

    The DiGiulio Law Firm, LLC. Phone: 888-540-4529 Website: www.atl-law.com Atlanta, Marietta, Lawrencevile, Duluth, Alpharetta, Buckhead The above answer is for general information purposes and is offered as a service to the public. Nothing on this or associated pages, documents, comments, answers, reviews or other communications, including the above post, should be taken as legal advice for any individual case or situation or relied upon as a substitute for engaging legal counsel, nor does it constitute advertising or a solicitation. Viewing the general information here, including your receipt or transmission of information hereof does not alone create or constitute an attorney-client relationship or ensure confidentiality. Please contact 770-309-9551 for additional questions or to schedule for your free phone consultation. If this question or answer pertains to bankruptcy, please be advised that we are a federal debt relief agency. One of our areas of practice is to help people file for bankruptcy relief and protection under the U.S. Bankruptcy Code.


  3. Valuation issues are typically addressed by an individual bankruptcy trustee. In most communities, there are several trustees and your case will be randomly assigned to a trustee after it is filed. A local lawyer will know the trustee preferences, you will not. Hope this perspective helps!


  4. The Northern District of Georgia uses the NADA average retail value to determine valuation of vehicles in a chapter 13 case where you are looking to pay the value of the vehicle through the plan rather than the debt amount. If you are dealing with a chapter 7 case where there might be non-exempt equity in the vehicle, this is done more on a case by case and trustee by trustee value. As a chapter 7 trustee is looking to determine whether he or she can sell the vehicle, pay you your exemption, pay costs associated with the sale, storage, auction fees, etc., this is something to be looked at by your bankruptcy attorney prior to filing. If there is danger of equity in the vehicle being over and above exemptions, your attorney can discuss your options, including paying the value in a chapter 13, or even coming up with a settlement amount with the trustee to keep the car.

    The above information is general in nature. In order to obtain more specific and legal advice upon which to base your important decisions, please contact our office directly for a free phone or in person consultation. Robert M. Gardner, Jr. Hicks, Massey & Gardner, LLP hmgrmg@yahoo.com 53 W. Candler St. Or 718 Oak St. Winder, Ga. 30680 Gainesville, Georgia (770) 307-4899 (770) 538-0555 gadebtlaw.com hicksmasseyandgardner.com serving metro Atlanta and all of Northeast Georgia Bankruptcy, Divorce, Personal Injury, Worker’s Compensation, Medical Malpractice, Adoption, Civil and Criminal Litigation


  5. First of all, don't think of filing without counsel. A small misstep can be very costly. My office would be glad to speak with you and handles Newnan division cases.

    NADA is really the best to use (and is widely used in the court). If the vehicle clearly has no or little equity, using KBB or Edmunds is going to usually be okay. I note many debtors overstate the condition of their car and don't take into account legitimate adjustments, something an attorney will know how to do.

    If you find this answer helpful, please mark it here on AVVO as helpful. In answering you, I am attempting to communicate general legal information and am not representing you (and am not your lawyer). Do feel free to call me at 404-768-3509 if you wish to discuss actual representation (the phone call also does not retain counsel; that requires an office visit and appropriate paperwork). In that a forum such as this provides me with limited details and doesn't allow me to review details and documents, it is possible that answers here, while meant to be helpful, may in some cases not be complete or accurate, and I highly recommend that you retain legal counsel rather than rely on the answers here. (You can also email my office at geaatl@msn.com . An email also does not retain my office, but can help you get an appointment set if you prefer not to call). I am happy to discuss possible representation with you. Any information in this communication is for discussion purposes only, and is not offered as legal advice. There is no right to rely on the information contained in this communication and no attorney-client relationship is formed. Nothing in my answer should be considered as tax-advice. To ensure compliance with IRS Circular 230, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein. I am also required to advise you, if your question concerns bankruptcy, that the U.S. Congress has designated Ashman Law Office as a debt relief agency that can help people file bankruptcy.


  6. Even if you give a value to your attorney, the attorney will probably check KBB and Edmunds to verify the amount. Of course, the condition of the car is important, but generally I use KBB and Edmunds to get an idea.

    I am in Peachtree City and would be happy to meet with you to discuss your bankruptcy needs.

    770-631-2334

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