more problems

[slvrneon]

What is the name of your state? MT
I went to my 341 meeting last Monday. I received reaffirmation agreements for the vehicles yesterday from my lawyer's office. On these agreements the banks list what the value of the vehicles is, which is nowhere near what I listed on my bk schedules. I went to a car dealership before I had filed and asked about getting a quote for the value of the vehicles. He told me that I could go to Kelley Blue Book online as that is what the dealership goes by. So I did this and used those figures on my schedules. It now appears that the truck I listed is worth over twice the amount I stated and now shows about $1500 in equity. My state's exemption is $1200 but I was only a cosigner on this vehicle. My car shows a difference of being worth about $1000 more than I listed but I am still in the hole on it. Am I able to ammend the bk petition to reflect the proper values? I already have to ammend my schedules to show my bf's income and expenses even though he is not a petitioner on the bk, just me. The truck which I cosigned for is his and since it shows there is some equity will that affect me even though I am not the one who pays the payments? I am really concerned over these errors but at the time I did not know they were incorrect and want to know if I can fix this.

 

[Ladynred]

The bank is naturally going to inflate the value of the vehicles. You used KBB and a similar quote would be used by the Trustee. You're reaffirming it, I don't think you have to amend your schedule again. As for the BF's truck, if your name is not on the Title - its not your asset to worry about. Its not even a 'real' debt - by that I mean its considered a contingent debt - the only way you'd have to actually pay for it is if the primary signer defaulted on the loan.

 

[slvrneon]

The bank is naturally going to inflate the value of the vehicles. You used KBB and a similar quote would be used by the Trustee. You're reaffirming it, I don't think you have to amend your schedule again. As for the BF's truck, if your name is not on the Title - its not your asset to worry about. Its not even a 'real' debt - by that I mean its considered a contingent debt - the only way you'd have to actually pay for it is if the primary signer defaulted on the loan.

My name is on the truck title since I had to cosign the loan but he is the one making the payments which are up to date. I am just concerned about the trustee making a big stink because there is such a difference in the KBB value in comparison to what the bank says the value is. Where on earth do the banks get their values for the vehicles? How can it be that much different than KBB?

 

[anadude]

in reality is doesn't matter what you list the value of any asset to be and it doesn't matter what a creditor says any asset is worth. as long as, both do so in good faith.

what matters, is what the trustee thinks the asset is worth.

you don't need to amend anything because you and your creditor differ on what an asset is worth.