Sold vehicle with blown engine--repercussions?

[AllMyFault]

Thanks again everyone...I try to use message boards for many things; this one is by far the best.

I sold a vehicle a month ago for $4,500 with a blown engine...(non family sale) If it would have been running it was probably worth 10k. Will the 341 be the time when something like this is questioned? Will I have problems with this issue? I also gave 2 jet skis to a friend that I owed 6k to for a loan. They may have been worth 6k...this was two months ago. I know I need to consult an attorney but right now I need all the cash I have...I have a tendency not to trust the 'brief' and not so thought out advise you tend to get at a 'free' consultation with an assistant or paralegal.

[AngelinaCat]

Hi AllMyFault, I moved this post into it's own thread since this is a new question. It will get better coverage and responses here.

[LSUTiger32]

On the car, you can probably explain why you sold it for less than the book value because of the problems with it. However, you should be very ready to explain not only that but what you did with the $4,500.

As far as the jet skis go, you are going to have a big problem there in my opinion because you used an asset to pay back a family/friend member.

Your best bet might be to wait a few months before filing, but these are surely things I would talk over with a lawyer.

[frogger]

Can you prove/verify that the engine was blown?

[AllMyFault]

Hi AllMyFault, I moved this post into it's own thread since this is a new question. It will get better coverage and responses here.

Thank you..

[AllMyFault]

Can you prove/verify that the engine was blown?

I have a printed diagnosis and quote from my local Ford dealer

[frogger]

I have a printed diagnosis and quote from my local Ford dealer

That should solve your problems provided your quote from Ford + your selling price is equal to the book value.

The jet skis could be a problem.

[AllMyFault]

Hmmm...maybe I should wait a while to file. Is 90 days the benchmark of time to wait in the hopes of avoiding issues? Again, is the 341 the time when these types of things are discussed?

Many Thanks!

[AngelinaCat]

The benchmark is usually 180 days or six months. But if the trustee thinks something is not right, he/she can 'look back' a year or more.

[biotechsolution]

has long as you owned them outright I don't they would be too many issues.

[justplaintired]

Best to put as much distance as possible between both the sale of the car and giving the jet skis to cover a loan. You do realize that talking to an attorney for a free consultation is not a big deal don't you? Even if you wait to file, they can give you a time frame for filing. How much time to put between the sale of the car and giving those jet skis to someone to cover a loan. We talked to an attorney 1 yr 5 months before we filed. Even paid him off that long before we filed. So if I was you that's exactly what I would do. Preparing to file is perfectly legal and smart.