August 11, 2016
- Debtor filed a Chapter 13 bankruptcy; claiming car value was $2,133.00 based on both Kelly Blue Book private party value and NADA values.
- Lender filed Proof of Claim for the Debtor’s car with a value of $4,650.00
- Debtor objected to the value and only provided the mileage of the car to support his position.
Bankruptcy Court Ruling
- Debtor failed to provide adjustments to the value with any other information to the Court other than mileage.
- Car was worth Kelly Blue Book’s “fair purchase price” which is defined as “the price people are typically paying a dealer for a used car with typical mileage and in good condition or better.
- Fair Market price was established at $3,537 – Fair purchase price.
When you go the Court with an objection, you must come fully prepared with detailed support to substantiate your objection. Many times, pro se debtors are not successful in achieving their goals in Bankruptcy Court.
It is far better to have a Certified Bankruptcy Attorney file your Objection who will provide the correct and complete information to the Court when opposing a Proof of Claim.