Selling my car and keeping the proceeds?

[fslady]

Hi All - this is a little premature but there are 7 months of payments left on my car through the trustee. Once the car is paid off and I get the title, will I be able to try to sell the car and keep the money? Iwould have access to another car so I would have transportation. I just wondered if I could sell the car would I have to turn that money over to the trustee? I think I would, but wanted other opinions.
Thanks,
FSLady

[AngelinaCatHub]

ONLY my opinion. If you have faithfully paid your obligation, I would think there would be no problem. It is your car and you are paying off under Court order what is to be expected. Please check with others, as this is my take on it. 'Hub

[woeisme]

Everything you own is property of your Bankruptcy estate once you file until your CH 13 plan ends. My trustee specifically told me that I couldn't sell any property over $5000 without his approval, other trustees may have different rules and different dollar amounts. I'd call the trustee's office and ask before selling the car, they should be able to tell you if you need to report it or not. Your lawyer's office should also be able to tell you what your local rules regarding this are. Hope it works out for you!

[justbroke]

Everything you own is property of your Bankruptcy estate once you file until your CH 13 plan ends. My trustee specifically told me that I couldn't sell any property over $5000 without his approval, other trustees may have different rules and different dollar amounts. I'd call the trustee's office and ask before selling the car, they should be able to tell you if you need to report it or not. Your lawyer's office should also be able to tell you what your local rules regarding this are. Hope it works out for you!

[fslady]

Thanks for the advice

It looks like I'll ask the attorney - once the car is paid off and if I decide to sell. I'm not really sure what I'll do when that time gets here but it's still about 10 -12 months away. Thanks again.