New to forum, my first question

[brokejeff]

As many are, looking at filing but have my first question: Sold my boat and that money is in the bank ($6k+). My business is doing bad right now and need that money to survive and dont want to lose it to the "courts" , Any suggestions?

[justbroke]

You can use it for normal business operating expenses, or, more appropriately, use it for necessities. Stock up on food for your home. Make any necessary home or car repairs. Pay your BK attorney! Have any dental or other necessary medical work done. These are things you can use the money for.

Hopefully, you received fair market value for the boat.

[LimpDisc]

How long until you file? Will there be any of that money left when you file?

[brokejeff]

You can use it for normal business operating expenses, or, more appropriately, use it for necessities. Stock up on food for your home. Make any necessary home or car repairs. Pay your BK attorney! Have any dental or other necessary medical work done. These are things you can use the money for.

Hopefully, you received fair market value for the boat.

???, explain please..

[brokejeff]

How long until you file? Will there be any of that money left when you file?

That will be my next question, last month was the first month EVER of not being able to pay my CCs ontime and dont see being able to pay in the near future. Around 100k of cc debt. How long should I wait until I file?

[LimpDisc]

That will be my next question, last month was the first month EVER of not being able to pay my CCs ontime and dont see being able to pay in the near future. Around 100k of cc debt. How long should I wait until I file?

Do you have any recent luxury purchases or cash advances on your CC's?

Time is on your side. We're waiting 4 months after we quit paying. Need to wait for a cash advance to age 3 months and some income to drop off.

[justbroke]

Hopefully, you received fair market value for the boat.

???, explain please..

This means that your sold teh boat for what it was worth. In other words, you didn't "sell" it to a friend real cheap (well below market value). This is just so that people don't "sell" things on the eve of bankruptcy to their family and friends for less than full value.

[brokejeff]

This means that your sold teh boat for what it was worth. In other words, you didn't "sell" it to a friend real cheap (well below market value). This is just so that people don't "sell" things on the eve of bankruptcy to their family and friends for less than full value.

Oh no, at the time I had NO intentions of filing and got over book value for it. My next question please: My son's car is in my name(helped with insurance), what should I do about that? Thanks all the the help.

[justbroke]

Oh no, at the time I had NO intentions of filing and got over book value for it. My next question please: My son's car is in my name(helped with insurance), what should I do about that? Thanks all the the help.

Unless you're not filing for the next 2 years, there is nothing you can really do about that. You own it legally. If you attempted to transfer it to your son now, and the son didn't give you "fair market value", then that would be a fraudulent conveyance. While it may not be your intent to defraud, the Bankruptcy code is not forgiving to those who "give" away things to family members -- or anyone for that matter -- within 2 years of filing (or the underlying State's non-bankruptcy limits).

What you should do, is make sure that the vehicle fits within your bankruptcy exemptions.

[brokejeff]

I have alot of reading to do to find out what my bankruptcy exemptions are, among other things that I need to learn.

[frogger]

Is your business a corporation?