More details to this question:
We have 2 vehicles, one has a blue book of more than the loan amount leaving some value to it. The other has a blue book under the loan amount making it upside down. Thus far through research the example of how to list this situation is that since I am keeping the upside down vehicle and releasing them of the liability, I am to assign a value of $3 to the vehicle. Giving me $2 listed in the value section and putting $1 in their value section of the property to show the courts it is worth nothing and I'm keeping it and releasing them of liability. If that is correct, does that mean I do not list the debt owed on this vehicle in the debt section...since I'm releasing them from it?
2 ANSWERS
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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If you are inquiring about bankruptcy schedules, you need to list all assets and all debts, listed at fair market value (which should not be less than scrap metal in the case of a non-running vehicle. Also, if you are upside down in a vehicle, you must either surrender it to the creditor or pay for it. I recommend you contact an experienced bankruptcy attorney for assistance. If you are not dealing with bankruptcy forms, but some other type, you probably should still speak to an attorney. Filling out legal forms on your own can lead to some serious problems.
Answered on May 31st, 2013 at 2:50 AM
Family Law Attorney serving Durham, NC
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Morelos Law Firm
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It is not clear from how you have worded things what form you are filling out. It either sounds like maybe an Equitable Distribution Affidavit for a property division case in family court or possibly an Exemptions form regarding a judgment that was entered against you and the creditor/plaintiff is now trying to execute the judgment. Please repost more information or ultimately consult with an attorney to review your document in person for the best advice.
Answered on May 30th, 2013 at 10:30 PM