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Is an asset sale considered income?

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    Is an asset sale considered income?

    I sold an asset for over appraised value last month so I could make rent (I am on unemployment, so we are at deficit every month) It's a bank transfer so I know I have to disclose it, but is an asset sale considered income or just an asset sale like a garage sale? (sold for $1500, appraised for $1300). I have no problem showing the trustee where the money went, I just don't want to be dismissed because something was not right.
    11/4/2008 Filed Pro Se Chapter 7
    12/8/2008 341 Meeting done!!!
    Waiting on discharge

    #2
    I too would be interested in knowing. I'm selling the car I'm making payments on right now and it has about $1500 equity. I am going to use that money to buy a cheap car to actually OWN.

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      #3
      Originally posted by ourf8 View Post
      I sold an asset for over appraised value last month so I could make rent (I am on unemployment, so we are at deficit every month) It's a bank transfer so I know I have to disclose it, but is an asset sale considered income or just an asset sale like a garage sale? (sold for $1500, appraised for $1300). I have no problem showing the trustee where the money went, I just don't want to be dismissed because something was not right.
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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        #4
        Was that assett that you sold on your assetts listing when you filed? Did you sell that assett between the time of filing and your 341 hearing?

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          #5
          NO, I just filed yesterday and the sale took place a little over a month ago. I don't have a 341 scheduled yet.
          11/4/2008 Filed Pro Se Chapter 7
          12/8/2008 341 Meeting done!!!
          Waiting on discharge

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            #6
            Lawyer said it is not a problem before filing. Just keep a paper trail of the sale and receipts on how you spent it, hopefully necessities.

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