Selling Assets.

[momisery]

We have to come up with the cash to pay and attorney. After reviewing our finances I am not sure how we will do this. If we pay for our home and the one unsecured 8 month old loan I will be hard pressed to buy food and gas plus utilities. Since I am not real sure about a 7 or 13, and not real sure about the 8 month old loan ... I then have to come up with things to sell. We have a couple of rifles and a shotgun and pistols that we used for target shooting. Can we sell some of those if not all to get enough money to pay for an attorney? Thanks to everyone who answers all the questions on this board.. you are all wonderful!

[falken]

I would stop paying on the 8 month old loan. I had acouple high dollar amount loans (12-25k) that were just at the 8 month mark when I stopped paying and they were not an issue.

It is not a problem to sell things to come up with the money. Just make sure you get around fair market value for them (don't sell a $500 item for $20), and keep receipts of what you did with the money just in case.

[falken]

I should note that I filed a ch13, with a 15% payback (on $330,000 unsecured).

[momisery]

I am not sure what that means?? The payback?? This is all new to me. At this point I wonder if we should keep our home, it has a first and a second on it and we are upside down in it. Hubby is concerned about losing one of the cars as they are both paid for. Can you work out a deal in a chapter 7 to keep both cars? Can you remove a second on a loan so you can afford your house?

[momisery]

So, I can sell a couple rifles to pay attorney fees? I am considering a Chapter 7. I would appreciate anyone input.

[StartingOver08]

Yes you can sell your assets to pay the attorney. Sell them for FMV, keep a record just in case the issue comes up (it probably won't).

The only caution here is, sell to a third party and not to a friend or relative if possible. If you sell to a friend or relative, make sure you have documentation for the value of the item. As I said, it may never come up, but it is better to be prepared.

[AngelinaCatHub]

Yes you can sell your assets to pay the attorney. Sell them for FMV, keep a record just in case the issue comes up (it probably won't).

The only caution here is, sell to a third party and not to a friend or relative if possible. If you sell to a friend or relative, make sure you have documentation for the value of the item. As I said, it may never come up, but it is better to be prepared.

StartingOver08 is 'right-on'. You can sell anything as long it is to transfer the value into an exempt item. Food, clothing, attorney.

We paid back a loan to our god-daughter of 4,000.00. She helped us during hard times. Guess what? They noted the transfer in my account, did a 2004 procedure (hearing) and I got to pay the Trustee that amount of money to keep my god-daughter from being sued for recovery of those funds. That is why one of the members stated to try not to sell it to a friend or family member, but to a third party or like a gun store. 'Hub

[momisery]

Okay... thanks for your input. WE can use an online gun store service to sell them then.

[AngelinaCatHub]

Okay... thanks for your input. WE can use an online gun store service to sell them then.

Yes you can. Be careful, it is illegal to mail a gun and if it is across state lines only an authorized gun store can FedEx a gun only to another store. Know who you are dealing with. Best would be Craig s list and sell it direct to a person for cash. 'Hub

[momisery]

Okay, thanks... we can also ship it to a gun store to be sold I have been told.

[AngelinaCatHub]

Okay, thanks... we can also ship it to a gun store to be sold I have been told.

I am unclear on this. You cannot mail it. About FedEx to a gun store, I would check the laws. Can't you just take it to a gun store? If you sell it online, get paid first, and for a nominal fee, the gun store will ship it to another store so that the buyer can pick it up. There are funny laws about guns, and every state is different. To sell to an individual is one thing, but going through a dealer, there is a check on the person buying the gun. I wish I could help you more and I shall check locally with our gun store here in town and get back to you. 'Hub

[momisery]

Sorry, we are using gun stores to ship it.. I should have stated that.

[AngelinaCatHub]

Momisery: Getting back to you as promised. About transport of guns, I was correct, you may sell to anyone who is just a citizen, but you cannot under any circumstances mail guns or ammo in the USPS. Only a licensed gun shop can send guns to another licensed gun shop, particularly across state lines. The receiving person, even if he purchased the gun through you, must do the fill out form and wait three days before he can get the gun. Just for others to know too. 'Hub

[momisery]

Thanks so much for sharing your knowledge and for you research. We will be careful, we have not even listen them yet. We may just sell the rifles ourselves locally, and do the handguns thru a gun shop consignment or sell them on line thru a gun broker and have a gun shop ship them for a fee if that is possible. We will certainly talk to our friendly gun store before we do anything. The are single action guns, nothing automatic or even semi auto... tradionalist and purests... ha ha.