Can I sell my motorcycle?

[StillSwingn]

I have a bike I've not ridden for about 6 years. It runs, needs some TLC to be street worthy and I can move it for around $900. I can prove its value pretty easily by using local adds or e-bay. It also has "rebuilt" on the title as it was a salvage bike I put back together. I have pics of that prove its a salvage etc. I have not filed and probably won't for 2-4 months. See any reason why this would be an issue? I keep reading (BK for Dummies etc.) that you just need to have sold it for fair market value to be ok.

The 2nd part (am I playing with fire here?) as I'd like to give my dad $400 towards a loan I have with my parents from the sale of the bike. I have not given them any money on the loan for well over a year.

[freshstartfl]

On the 2nd part, pay your dad in cash. No paper trail.

[relief13035]

On the 2nd part, pay your dad in cash. No paper trail.

I agree - Cash is good!

[StillSwingn]

Well, my concern in paying pops with cash is I figured I would need to deposit the "fair market value" sale funds into our account so its transparent to the trustee. If I held back $400 cash my deposit might appear too low....am I being paranoid or is this the right line of thinking?

I thought you could pay back relatives up to $600 within the last year without causing an issue.....

[freshstartfl]

I don't know if they care about the details to the extent you are asking, but to be safe, you could deposit the whole thing, then hit the ATM and if questioned about the withdrawal, it was for groceries and necessary things.

[StillSwingn]

Your right, I don't have a grasp of the level of detail they apply. I do know they are overloaded and are pumping the cases through pretty quick. Some commentary here seems to illustrate an extreme level of detail...as in if you list 2 dogs as assets (with the advice of yes list your house pets) they ask what breed they are to determine value....that's pretty detailed.
If paying my dad by check is just a big friggen red flag I guess I can just not pay him.....that would suck...I've paid all of my debts accept my father in a very responsible fashion for years.

[freshstartfl]

Well it stands to reason that after your BK is done, some money will be freed up. So if that's the case, you could work out a reasonable payment plan with him and honor that commitment. Once you are discharged, there's no problems with you doing that.

[StillSwingn]

But I'd like to toss the original question back up for comment....selling the bike for fair market value...is that cool?