asset question

[crashzx]

On a serious note...i just got an offer on my bike from a dealer in GA. If i sell it to them will they overturn the transaction or what. I read on here that I need to spend the money. Do i have to document where it goes or what. We sure could use the money to help out but i dont want to piss the guy off in GA if they (courts) are going to take it back from him anyway. What should I do?? sell or retain for the courts??

[justbroke]

On a serious note...i just got an offer on my bike from a dealer in GA. If i sell it to them will they overturn the transaction or what.

So long as you get market value or near market value, you're okay.

I read on here that I need to spend the money. Do i have to document where it goes or what. We sure could use the money to help out but i dont want to piss the guy off in GA if they (courts) are going to take it back from him anyway. What should I do?? sell or retain for the courts??

Spend it on food, clothing, medical care, stock up on food, or even YOUR LAWYER.

[crashzx]

[QUOTE=justbroke;325790]

On a serious note...i just got an offer on my bike from a dealer in GA. If i sell it to them will they overturn the transaction or what.[/QUOET]So long as you get market value or near market value, you're okay.

Spend it on food, clothing, medical care, stock up on food, or even YOUR LAWYER.

I listed it in the assets at 1500 needing repairs and was offered 1900. The KBB in good condition is 3200. Is this ok??? If so Can I use it for past due utilities and such..you know bills??

[justbroke]

I listed it in the assets at 1500 needing repairs and was offered 1900. The KBB in good condition is 3200. Is this ok??? If so Can I use it for past due utilities and such..you know bills??

Yes you can use it on bills. Anything that keeps a roof over your head, food on the table, electricity and water flowing, are all good things. DO NOT SPEND IT ON credit card bills or other things like that.

I might be inclined to document the condition of the bike, since it was "damaged" in the accident, and the KBB value is not representative. Perhaps on your bill-of-sale have the dealer list the condition. Maybe some pictures? Just in case. I think the dealer giving you $1,900 lends credence to the fact that it was not worth the KBB value. Make sure you keep that receipt from the dealer.

[crashzx]

Yea baby....Its awesome to have freinds. The accident was repaired and bike looks good but it has number 3 rod bearing knocking . A common known problem for the model at 20,000 miles (they are drag raced alot). It has 23,000. A 1400+ repair, rebuild or replace engine. He will have the paperwork ready next week.

[crashzx]

Just to be on the safe side I will take the paperwork from dealer to attorney for review when we go see him before i accept any funds.

[67caprice427]

What I also did as an insurance policy, was anything that I REALLY wanted to protect with my limited exemption amounts was to find a like item for sale on *-bay at the absolute rock bottom sold price and printed it out in case the tt questioned my dollar amount valuations. Never needed them, but gave me peace of mind knowing I could back up my estimates if necessary. I did this with all of the "stuff" that I felt I would need to start over in case they did decide to audit me and inspect my home.

[crashzx]

What I also did as an insurance policy, was anything that I REALLY wanted to protect with my limited exemption amounts was to find a like item for sale on *-bay at the absolute rock bottom sold price and printed it out in case the tt questioned my dollar amount valuations. Never needed them, but gave me peace of mind knowing I could back up my estimates if necessary. I did this with all of the "stuff" that I felt I would need to start over in case they did decide to audit me and inspect my home.

Yea 10-4....I believe the letter from the motorcycle dealer in GA will be enough. He will be including values along with repair and parts estimates. He has bought the models before I am sure. I explained the situation and he said awe...no sweat, nothing to worry about. I am going to take the paperwork in to be sure.