Salt Lake City Bankruptcy Lawyers
How Much is My Vehicle Worth?
The value of your vehicle or vehicles will directly impact whether it is protected under Utah bankruptcy law. As Utah Code only allows an exemption of equity or value of up to $2,500 (or $5,000 if filing jointly) the value of your car is an important issue to address.
The value of a vehicle is often based on “blue book value”, which refers to using Kelley Blue Book, a trusted resource to determine the value of any of a number of types of vehicles – both retail and private sale value, to determine what your vehicle may be worth. To begin to get an idea, you can visit Kelley Blue Book online and enter all the information about your vehicle. The value of a vehicle may vary depending upon:
- Mileage
- The condition the vehicle is in
- Whether it was involved in any accidents
- The make and model
- How old the vehicle is
At times, a vehicle may qualify for exemption under Utah’s personal property exemption or may be able to be retained because the difference between the value of the car and the amount you owe is a negative number (i.e. the car is worth $9,000 but you owe $10,000).
Vehicle Exemptions and Bankruptcy in Salt Lake City, Provo and Ogden
A Salt Lake City bankruptcy lawyer at the Stone Law Firm can meet with you to discuss what your vehicle may be worth and how Utah bankruptcy law will affect your ability to keep your vehicle. There are options we will need to discuss with you regarding your vehicle, particularly if a debt is owed against it. In these cases, the vehicle may need to be turned back to the entity that holds the loan, or the debt will need to be reaffirmed. Even if you own a vehicle free and clear, you will still need to discuss your options with a skilled lawyer.
Contact a Salt Lake City bankruptcy attorney at the Stone Law Firm today to find out what your vehicle may be worth and how this will affect your bankruptcy case.