Selling asset after discharge?

[ready2live]

My husband has a 69 Camaro project car. We paid $1000 for it. It was disclosed in our chapter 7. He has been working hard on it and figures on being done with it in the spring. What all he is doing to it, he is figuring/hoping it sells for about $50000. We have all pictures showing the progress. Should we wait longer to sell it? His dad has offered to take ownership of the car and just give us money/put in a savings account if we want. Not sure what to do. We don't want to keep it. We want a nest egg or even put the money into the house for new carpet, etc.

[StartingOver08]

Once you receive your discharge you are free to fix up anything you own and sell it for as much as you can get. I am assuming that the Trustee has filed the notice of abandonment of your exempted assets and that this vehicle he is fixing up is including in those exempted/abandoned assets. Don't transfer ownership to your dad or anyone else, especially in BK!

To get a better explanation of abandonment I am quoting from the following link:
However, if there are no assets to administer for the benefit of creditors, the Chapter 7 trustee will file a “report of no distribution/no assets” with the court. So then what is this “Trustee’s Notice of Proposed Abandonment of Property?” Quite simply, the Chapter 7 trustee is notifying all interested parties, which includes the Debtor and all Creditors, that he or she will not be selling or otherwise administering the property listed in the notice to pay claims of creditors. The notice will usually indicate why the trustee is not pursing the property, be it there is little or no equity in the property, the costs of collection or litigation will probably exceed and recovery, the preservation of the asset is burdensome to the estate, it is ssecured by a large debt, or some other reason that may deem to apply.

http://www.doanlaw.com/blog/?p=237

[ready2live]

Pacer says we are a no distribution as of a few weeks ago.

[StartingOver08]

Your things are still part of the BK estate until discharge - but it sounds like you are good to go once you get the discharge! I hope you and your husband are able to sell it for what you want...that would be an excellent recovery after your successful BK!

[ready2live]

Thanks! I just looked and it was reported 10/27 and nothing else in the history. Only a few more days until the 60 day wait is over!!

[music12]

if it were me, i'd wait a couple more months after discharge. but i'm just paranoid - there is nothing stopping you from selling it even now.

[ready2live]

if it were me, i'd wait a couple more months after discharge. but i'm just paranoid - there is nothing stopping you from selling it even now.

That is what I keep thinking, but we really want the money. Not bad enough to be accused of fraud though.

[drowningNdebt]

yea with that kind of cash going into your bank right after discharge may look suspicious. I mean $50 grand! I would just be careful. I understand it's exempt but how didn't the trustee want it? Did he see pictures, etc? Although, I just get paranoid, LOL.

[ready2live]

It was not fixed at all when we filed. It was just a shell and rust.