I am about 90 days past due on my credit cards. I have no lawsuits pending. Can I sell my motorcycle for fair market value? (can't ride it any longer due to medical problems) I have not filed for bankruptcy.
-
-
The answer is yes. I talked with an attorney yesterday. He said no problem as long as I get fair market value. -
Dylan,
The anwer you got is correct. The sale/transfer would be disclosed on the Statement of Financial Affairs, question 10, and so long as the sale was "arms length", for "fair value", not a problem. Just remember to keep track of what you did with the sale proceedss
Des.Comment
-
Just wondering how a person determines fair market value? Is it low blue book, retail blue book or just see what the same year and same kind of motorcyles are selling for? I mean one could clearly argue this point. I called the motorcycle dealer, I paid 5900 bucks for it, Its one year old and they said they would only pay 3500 for it. So if i sold it for 4200 would that be fair market value?Comment
-
i have the same question. I just sold my car that blue books for 6700, but it needed 1400 worth of work done to it, so the buyer wanted it discounted and i agreed (it really needed the work on it). I would think that is fair, would the court?Comment
-
fugazzi: I think discounting it would be fine for the repair. I was reading one site where it said if you got 70% or more of fair market value then no problem. Cars that sell or hope to sell for top blue book must be in excellent condition. Plus look at different books and you will see alot of prices that are all over the place. So what is fair market value? What people are willing to pay!Comment
-
that's what i was thinking.Comment
-
Usually fair market value is what a buyer will pay. If you list at say 4.5k and someone offers 4.2 I don't think you have a problem-in fact you got 700 more than dealer offered. If the buyer is not a relative your case is stronger. I wouldn't see a problem with the deal you described.Comment
Comment