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Selling a car before filing

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    Selling a car before filing

    here is a brief recap of what's going on and my question:
    - unsecured debt of ~ $110k - credit cards
    - slightly behind with mortgages - 2 months to go in forebearance with 1st
    - want to keep house!!
    - retained lawyer
    - recommend chapter 13 at consult - income over limit.
    - have 3 vehicles - 1 for wife, 1 for daughter, 1 for me
    - will keep wifes (3 years through 60 mo lease)
    - mine is a beater & paid off
    - daughters car - is in my name. Loan originated Jul 07. She has since moved out & now wants to get a different car. I can't afford to keep paying (even though I wouldn't mind her car).

    If it's traded in/sold - removed from my name - does that hurt me in anyway?

    What if I sell the beater - maybe $2500 for it and pay mortgage, etc with proceeds?

    TIA
    getting so close to finally filing...

    #2
    Bump
    getting so close to finally filing...

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      #3
      I think the board needs more info. What state? What is your income? Are there only 2 in your family now since daughter has moved out? Even though you may be over median, what kind of disposable income do you have left over after paying all your bills...with your daughters car, and without?
      Filed Chapter 7 Pro-Se May 29, 2008
      341 July 1, 2008
      Discharged September 4, 2008
      Closed November 10, 2008 :-)

      Comment


        #4
        I'm in Nevada, still 3 in house. Youngest daughter is 16, but no permit yet.

        My w2 income is about 75k, my 1099 is about 3k, wife is self employed - income about 6k. My 1099 & wifes vary.

        disposable with car - about $200/mth
        w/o car - about $500/mth

        expenses include little wiggle room, but not much.
        getting so close to finally filing...

        Comment

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