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Personal Property Valuation.

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T

texasproblems

Guest
What is the name of your state? TX
In valuing personal property, my attorney has listed the full value of my two vehicles at $29,000 of which I provided by using Kelly Blue Book. However, they did not deduct out that I owe $25,000 on the two. Do they not only calcute the equity you have in the vehicle for exemption status? This is putting me over the limit.
 


W

wthargrove

Guest
This value should be easily lowered by your attorney. After all, he is supposed to be on YOUR side, you are paying him.

Personally, I would evaluate the vehicles the same way I evaluated all other property, giving them the approximate value I think I would pay for them, no bluebook, or redbook or any other book, just my guesstimation. After all, I am not a professional estimator.

Even an auto dealer will tell you that a used vehicle stands on its own merit, some selling higher and some lower than the so-called bluebook (which is just a guide after all) :)
 

Ladynred

Senior Member
The Exemption only goes to equity and then whatever value he put down for the car is reduced by what you owe. That would be your equity. KBB is usually on the high side. A trustee, if taking the car, would want a quick sale and you'll never get bluebook on a quick-sale basis.
 

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