If I file for Chapter 7 BK, what would happen with the following car:
1. Payments are caught up/current
2. Paid $18,000 for the car
3. Owe $10,000 on the car
4. The car is now worth $9,000
MO law says there is a motor vehicle exemption for up to $3,000.
Thanks,
InDebtNeedHelp
ASSETS: How and by whom are values determined?
For example, my computer is three years old. I bought it new and paid $1,000 for it.
1. How is the current value determined?
2. Who determines the value?
Thanks,
InDebtNeedHelp