Selling Vehicle

[businessisbad]

Ok, as I stated in a previous post I will be filing around Feb 2nd My attorney advised me to buy a new vehicle before my credit gets hit, I currently have very good credit. I own a 2004 SUV with 80,000 miles. Blue book is around 5K.

My savings is running very low but I do have a guaranteed government job starting Feb 2. If I sold the vehicle and used the cash to live off until I get my first government paycheck around March 1st would this be considered an illegal transfer of assests?

I do not need the trade in to get the new vehicle I am going to buy.

Thanks

[PoorGrammyinBK7]

As long as you sell it for market value you should be fine.

If you are thinking of selling to a friend or relative for less than market, that would be a big problem - don't do that.

[businessisbad]

No I was going to list in the Auto Trader for $6,500. Dealer said he would give me $5K which is a little above trade in. Private party price is $6,900 according to Kelly Blue Book. This would prevent me from tapping into my IRA'S which I really did not want to do but after paying this months rent I only have $800 left.

[PoorGrammyinBK7]

You should be fine (but I am not a lawyer, so maybe one will chime in). I would suggest to also keep receipts incase you should need them to prove where the money went. It may be hard to sell an SUV though right now.