Valuation is usually done as trade-in value, not retail value. In addition, various costs associated with the potential sale of the vehicle need to be taken into account. How the numbers shake out in the end, and how that may impact a potential Chapter 7 case, vary from courthouse to courthouse, so I'd recommend you contact a lawyer nearby to discuss the particulars.
I'm a consumer protection lawyer who helps people with their bill problems. The solutions I offer depend on your individual situation rather than being "one size fits all." In trouble? It's time we talked.
I’ve been practicing bankruptcy law in New York for over 30 years. I will recommend bankruptcy only if it's right for you - not just because it happens to be the field of law in which I practice.
My professional background includes bankruptcy real estate and mortgage issues. My job is to help you get the solution that works best for you. This is more than your finances; it's your life and your future. 

