Sold truck 16 months ago

[AlBroke68]

Hello!

I have a question if someone could help me, i would appreciate it. I am planning on filing chapter 7 bankruptcy. My question is tht I sold a dodge dakota (2003 model) back in august, 2007. I used the money to buy furniture for my house. I sold it for 2500. Can I still file? The truck was paid off.

[cursedbycc]

That was a year and a half ago and I do not think it will have anything to do with your bk filing (you stated it was August 2007). HTH

[StartingOver08]

Have the paperwork ready in case the Trustee asks where the Truck is - but it should not be an issue at all if it was sold arms length. It could be an issue if sold to a family member

[2Bshinyandnew]

Have the paperwork ready in case the Trustee asks where the Truck is - but it should not be an issue at all if it was sold arms length. It could be an issue if sold to a family member

Even if you did sell it to a family member, as long as you sold it for fair market value or close to FMV and had documented proof of the transaction you should be OK. All three attorneys I consulted told me I could sell my paid-off car to my mother/brother/sister before filing and as long as I got FMV, documented proof of such and I had spent the money I received for the car on rent/utils/food/gas/medical/dental it would be OK.

[caleb7mm]

they will ask you about anything you sold in the last 2 years, I sold two boats for 15,500 cash and they were ok with it cause I used that money to pay bills. It was never brought up again.

[Trixie007]

We sold a truck last year for 15k and used the money to replace it with a cheap truck (3k), live on and for me to go to school - our attorney said we don't even list it as it was "in the ordinary course" of things! We sold it to a used car dealership, and yes, we took a bath on that truck!

[crdply44@yahoo.]

I sold vehicle for $600.00 6 months before 13 and no problem at all.

[AlBroke68]

Thanks for all the info. i am a paranoid person, or so i have been told. Thanks for all the answers,,,,

[jessica0607]

Thanks for this post - IMHO if you sell at FMV before BK and the money is spent on living expenses you don't need to list it as selling assets at FMV to non-insiders would be "ordinary course of business" - correct me if I am wrong. I am in this boat having lost a job and need to sell my one vehicle paid off to pay our property tax and I will most likely be filing feb/march if things don't turn around.

[LMT]

Also interested in this reply

[frogger]

I've sold several things in the last couple of years, but all at FMV. I don't anticipate any problems going forward with them. I can document what they were sold for, the money went into the bank account, and bills were paid.

[keepmine]

It's not unusual for people to sell assets to support themselves or pay for a kl lawyer prior to filing.
It's no issue unless you involve friends or family and sell for below FMV.

[NoMoreCards]

Hello!

I have a question if someone could help me, i would appreciate it. I am planning on filing chapter 7 bankruptcy. My question is tht I sold a dodge dakota (2003 model) back in august, 2007. I used the money to buy furniture for my house. I sold it for 2500. Can I still file? The truck was paid off.

You sold a 4 year old truck, for 2500.00 just over 2 years ago. Odds are it won't be brought up, however because it was sold so cheaply I hope it was a "arms length transaction".

Not knowing the details, I would bet FMV was much higher than 2500.