top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Look back period on a vehicle sale

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Look back period on a vehicle sale

    hello,

    I have a vehicle worth a couple of thousand that I want to sell and use the proceeds to pay my property taxes. I will need to file next year, but i think I can hold out for 6 or more months. i know the trustee would probably want to add those funds to my income for means test purposes. how long do they typically look back on vehicle transfers ?? I have seen one attorneys website that says 3 months for a non family transfer or 1 or more years on a family transfer, so they dont want you doing any hokey pokey trying to hide assets. Anyone have experience with this ??
    Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7
    Tags: None
    #2
    The look back for transferring anything to family members is two years.

    If you are selling a car and using the money to pay your taxes that's not a "transfer" of an asset. The car sale money wouldn't count as income no there's no need to wait for that.

    I would do this and wait at least 90 days to file just so the trustee doesn't look at it like a preferential payment. You shouldn't have to wait six months unless you used credit recently for a luxury or substantial cash advance.
    The essence of freedom is the proper limitation of Government

    Comment

      #3
      I say this to all newbies. Since you don't look like you are sure about this process no problem for now.

      You should however study this forum day and night, research the internet and buy books.

      It's better that you are asking now and not after you file. Just ask some here that are at war with creditors, US trustees, etc. Do your homework and good luck!
      The essence of freedom is the proper limitation of Government

      Comment

        #4
        Originally posted by banca rotta View Post
        I say this to all newbies. Since you don't look like you are sure about this process no problem for now.

        You should however study this forum day and night, research the internet and buy books.

        It's better that you are asking now and not after you file. Just ask some here that are at war with creditors, US trustees, etc. Do your homework and good luck!
        Thats exactly what i'm doing. planning. but i'm fishing for practical information since things seem to vary from state to state, and trustee to trustee
        Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7

        Comment

          #5
          MN trustee asked everyone at my 341 if they'd transfered or sold any property worth more than $1000 to anyone within the last 2 years. If someone had, the next questions were what was it, what were you paid for it, and what did you do with the money.

          trustee also did her DMV homework; she knew who had what vehicles registered/unregistered.
          Filed 7/28/08, Discharged 10/29/08
          (filed pro se: nonconsumer no asset CH7)

          Comment

          Previous template Next

          bottom Ad Widget

          Collapse
          Working...
          X