When your attorney prepares your bankruptcy petition, he or she will ask you for a list of all vehicles you own. Along with each car, you will have to list the value of the property, as required by the Bankruptcy Code. Bankruptcy Code Section 506 requires the use of the “replacement value as of the date of the filing of the petition.”
Typically, your attorney will refer to Kelley Blue Book (www.kbb.com) to determine the value to be used on your petition.