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How Your Vehicle is Valued

The chapter 7 trustees value all vehicles according to NADA Retail only unless you provide the Court with a written appraisal provided by a certified appraiser.  Your trustee will not accept an appraisal from CarMax or anyone else who is not certified per the Chapter 7 Trustee Requirements - no exceptions.

We highly recommend Suncoast Auto Appraisals (727-538-2886) if your equity (the NADA Retail value minus what you owe) exceeds your allowable exemptions. The odds are quite good that Suncoast Auto Appraisals may be able to significantly decrease the NADA Retail Value of your vehicle due to body damage, mechanical issues, etc.

 Use the following to see how much equity you have in your vehicle:

If your vehicle is free & clear
NADA value    =  $10,000.00       
Amount owed   =  $        0.00        
             Equity  =  $10,000.00

If your vehicle is financed
NADA value    =  $10,000.00       
Amount owed   =  $  5,000.00       
             Equity  =  $  5,000.00
 
If you owe more than your vehicle is worth
NADA value    =  $10.000.00       
Amount owed   = $15,000.00       
             Equity  = $         0.00 (negative equity)

Now determine if your equity exceeds your exemptions. 

Homeowners:           Equity   -   Vehicle Exemption ($1,000.00)
Non-homeowners:    Equity   -   Vehicle Exemption  ($1,000.00)
                                +  Wild Card  ($4,000.00)
                                *Couples double exemption amounts.

Note:  If you are surrendering your home then you are a non-homeowner.

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Florida Bankruptcy Services