Legal Question in Bankruptcy in Virginia

supporting docs and loss of job

I filed Chp 7 bankruptcy without a lawyer. I used an online service. My 341 meeting was adjourned to July 8, with supporting paperwork due July 1. Where do I get the NADA value for my car? Is it acceptable if I enter my car info on the NADA website myself and print it out for the trustee? Also, after my 341 meeting, I went back to work only to find out that I no longer had a job. I resigned that day due to a personnel issue (I really had no choice in the matter). Do I need to go back and update anything because I now am unemployed? Please advise. Thanks!

Asked on 5/26/05, 6:04 am

1 Answer from Attorneys

Randy Masters The Law Office of Randy Masters
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Re: supporting docs and loss of job

Hello, to answer your question, the Chapter 7 Trustee will accept a printout of the N.A.D.A valuation from the N.A.D.A. website. As you may know, in Virginia you have an "automatic" $2,000.00 vehicle exemption (if you cite that code section on your Schedule C, the Exemption schedule), but you can get an additional $5,000.00 exemption if you file a homestead deed for personal property within 5 days of the first Meeting of Creditors (and then note that VA Code section on your Schedule C). So, hopefully, the vehicle is worth no more than $2,000.00, or you filed the homestead deed within the time limit.

Regarding your job loss, you can mention that to the Trustee at the rescheduled Meeting of Creditors.

Randy Masters

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Answered on 5/26/05, 6:39 am

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