Friday, January 27, 2012

TRUCKERS AND CHAPTER 13 BANKRUPTCY - HOW AN OWNER OPERATOR CAN KEEP HIS TRUCK


TRUCKERS AND CHAPTER 13 BANKRUPTCY

MIAMI, Florida - If you are an owner operator who is behind in payments, filing a Chapter 13 bankruptcy can give you a chance to keep making your payments and keep your truck from being repossessed. If you are facing a threat of repossession from your truck finance company, a Chapter 13 filing can save your means of earning a living. Most lenders would rather be receiving regular payments from a working trucker than initiating repossession proceedings. If your truck is repossessed and put up for auction, however, the sale price will probably be less than the balance owed. Your lender can then sue you for the difference. Very often, the answer is to obtain a valuation appraisal from a licensed appraiser. In Florida, appraisers are licensed by The Department of Financial Services. Check with other states insurance departments where the appraiser resides to verify that they are properly licensed. If he is licensed in one state, that appraisers credentials will be accepted in courts throughout the country.
There are a few significant hurdles. Banks, credit unions and other finance companies often have an unrealistic idea of heavy equipment values. In all fairness, your banker can't actually see the minor damages, wear and tear or items that will  soon be needing replacement or repair. When you present an appraisal to the bankruptcy court, a magistrate then gets a better idea of the trucks true value. Paying thousands of dollars more than your truck is worth is fiscally unsound but many owner operators are forced to do just that just to keep their trucks. A competent Chapter 13 bankruptcy attorney will be able to guide you through the maze of rebuilding both your credit and your livelihood as a trucker. A well-written appraisal that reflects the true value of your heavy equipment is the first step toward fulfilling that goal.

The St. Lucie Appraisal Company
P.O. Box 2700
Fort Pierce, FL 34954
Phone: (772) 359-4300
Fax: (772) 466-8400
Email: contact@stlucieappraisal.net

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http://stlucieappraisal.net/
AUTO & PERSONAL PROPERTY
SERVICE THROUGHOUT SOUTH FLORIDA

Our service area includes St. Lucie, Martin, Indian River, Brevard, Palm Beach, Broward and Dade Counties. Cities include Fort Pierce, Port St. Lucie, Stuart, Palm City, Jensen Beach, Hobe Sound, Jupiter, Palm Beach Gardens, West Palm Beach, Lake Worth, Boynton Beach, Delray Beach, Boca Raton, Deerfield Beach, Coral Springs, Coconut Creek, Pompano Beach, Tamarac, Sunrise, Lauderhill, Plantation, Fort Lauderdale, Davie, Pembroke Pines, Miramar, Hollywood, Hallandale, Miami, Opa Locka, Hialeah, Coral Gables, Kendall and Homestead.

Diminished Value Appraisals throughout Florida including, Miami, Fort Lauderdale, Tampa, Jacksonville, Orlando, Pensacola, Fort Myers, Sarasota, Port Charlotte, Clearwater, Kissimmee, Melbourne, Daytona Beach, Ocala, Gainsville, Bradenton, Titusville, Panama City, Bonita Springs, Naples, St. Petersburg and Tallahassee.

Our rates for services are as follows:

Auto Appraisals (Donations, Bankruptcy, Divorce, Insurance Disputes) $175.00

Stated Value Appraisals (Antique & Classic Cars, Street Rods, Motorcycles, RVs, Trucks) $175.00

Auto/Truck/RV Condition Reports $275.00 and Up

Diminished Value Appraisals (Determines how much less your car is worth after accident repairs) $275.00

Personal Property Appraisals (Contents, Collectibles, Art, Antiques) $225.00 and Up

All other services and additional time when necessary  $75/Hr.

Expert Witness - Court Appearances, Depositions, Mediation $225/Hr.

You may obtain appraisals for Financing, Charitable Donation Tax Credits, Collateral, Damage Claims, Equitable Distribution, Bankruptcy, Estates, Insurance Stated Value, Purchase & Sale and Diminished Value.

Appraisals of Personal Property, Art, Boats, Classic & Custom Autos, Antiques, Collectibles & Memorabilia, Electronics, Machinery, Motorcycles & Choppers, Furnishings, RVs, Trucks & Heavy Equipment. Business Valuations specializing in all types of small businesses.

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Keywords for this article: BANKRUPTCY, chapter 13, finance company, keep truck, owner operator, truck, trucker, st lucie appraisal,

Revised 08/29/2012
Updated 06-18-2013