Hi guys, if i were to sell my motorcycle and my truck today and use that money to purchase a condo. at or below the federal exemption amount of 40,000.00 per couple, and then wait at least 6 months before i file chapter 7, is this a problem. Thanks for your help.
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Doesn't sound like a problem, as long as the assets you're selling go for market value and not at a big discount to a relative. On the assets I sold prior to filing, the trustee asked about my relationship with the people that bought them, but had no objection and didn't even ask where the money went. YMMV.Case Closed > 2/08/2010 -
Hi Bob, thanks for the info., trying to get a plan together, home 100K underwater here in Michigan and i'm not as attached to my house as some are (emotionally that is-financially different matter LOL.) I've been doing what i thought to be the right thing and making my payments on time, and i get rewarded with a notice of maturity of my HELOC, due in full in 1month or so or they will be happy to refinance it at 9.5% instead of just extending the current loan that is at prime plus 1/2% approx. 3 1/2% i believe. If i agreed to this my already difficult to make payment will increase 350.00 per month. God bless America! LOL.
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Our trustee didn't care what we sold or what it was sold for provided that it was an arms-length transaction.
No family, no friends. Just what the market would bring.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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