We currently own our cars outright. Combined they are worth about $25K. In AZ, the exemption for cars is $5k each. My husband is looking at cars that are $6500 saying that the value is based on what they could get at auction for your car, not retail. I am worried that if we own cars that are over the $5k exemption, the trustee will want to take them. Our plan is to sell our cars, each buy a cheaper car that we can pay off and keep, then use the rest of the money that we get to pay off some medical bills, get our health insurance reinstated, pay a year of our utilities and buy as much food and provisions that we can (we are alloud to have up to 6 months of food and provisions) before we file for BK in a few weeks.
If we can show that we sold our cars for fair market value, then show where we spent the money, will we be ok? Im worried about paying some of the bills but we need to get our health insurance reinstated and we need to pay some medical bills before our doctors will take us back.
If we can show that we sold our cars for fair market value, then show where we spent the money, will we be ok? Im worried about paying some of the bills but we need to get our health insurance reinstated and we need to pay some medical bills before our doctors will take us back.
Comment