In Chap 7 � selling car?

[ChainSmokin]

[SinkingFast]

Until you are Discharged, possibly even Closed (HHM will know for sure), the car is an asset of the BK Estate. You can't do anything with it unless you get approval from the Trustee first.

Personally, I'd just lay low and wait. If you can manage to get by without the car until whenever is appropriate, then do so. Anything else would involve contacting the Trustee and shining his/her glaring eye upon your case.

[ChainSmokin]

[Spartan]

It is an exempted asset. So it is not in the bk estate.

[JollyGG]

I was actually wondering the same thing. We want to sell our truck as soon as possible, it hasn't been what we needed for almost a year now, and I was wondering if I needed to wait for closing or just for discharge? I'm hoping to get $500 for it, but my only hope of that, is selling it while the snow flies, as it is 4WD.
I also wondered. We only claimed it's value at $100 in our BK paperwork. I listened to other 341s and that seemed the prevaling value for older / junker cars. Will their be any problems with the fact that I'm trying to sell it for $500-$750 once our BK is discharged and/or closed?

[HHM]

You need to wait until after discharge to sell the asset.

[SinkingFast]

As long as your BK is Open and Active, the Trustee has control over the BK Estate.

If you owned it the day you filed, it's part of the BK Estate. Exempt or not.

[Spartan]

As long as your BK is Open and Active, the Trustee has control over the BK Estate.

If you owned it the day you filed, it's part of the BK Estate. Exempt or not.

Thanks for the correction.

That got me to look into it further.

http://www.moranlaw.net/property.htm

"..Even the property that the debtor selects as exempt property is "property of the estate" until the exemption claims are final (generally 30 days after the 341 meeting). ..."


"....The most important exceptions to the all encompassing definition of property of the estate are the debtor's rights in spendthrift trusts and in ERISA qualified retirement plans and 401K plans; those kinds of property are not "property of the estate". .."