In the current economic downturn people have had to reorganize and reprioritize. Many folks are facing foreclosures and bankruptcy rates are higher than ever. If you are going through a reorganizational bankruptcy you may be ordered to sell items to satisfy some of your debts. People face hard issues while downsizing and are forced to give up some of their possessions but they still need their cars to go to and from work. In these troubled times it is important to become familiar with the laws and your rights to maintain ownership of a vehicle. The courts do allow for people to keep their cars as a means of transportation if those cars are not involved in the action.
Typically with bankruptcy, vehicle(s) are only covered up to 10k ( it is important to check the laws in your State) so if you have two vehicles or one over that amount, they’re subject to repossession. That means there’s a very good chance that a family will be left with one or no cars for transportation which obviously impacts their financial situation, ability to get to work.
An Auto Appraiser will send a certified, experienced mechanic out to thoroughly inspect the vehicle and we work on the appraisal utilizing a variety of means. Typically, the vehicle is worth much less than the financial institution believes which in many instances permits the family to keep the vehicle as it’s not worth their time or effort and they won’t make much at an auction.
Check with your attorney and find out about getting your automobiles appraised by a certified professional. An appraiser is required to be licensed to operate in your State. Make sure they are a member of the American Society of Certified Auto Appraisers (ASCAA).
About the Author:
Kelly Sallaway is a Scottsdale, Arizona based automotive writer.