I have a motorcycle that I use to commute to work (when there's not 3 feet of snow on the ground). I have a friend selling his bike cheap to buy another one and I was wondering if it would be ok to sell mine and buy his. I plan to file in about 6 weeks. My current bike is paid off and purchasing my buddy's would not cost me anything out of pocket and I wouldn't be getting a loan.
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I'm guessing your buddy's bike is cheaper than what you would sell yours for, right? You have to have a plan for the money or the Trustee will want the income. So you might need to show that you spent it on necessities to live on, and probably save your receipts. -
Actually his bike is worth more but he's in a hurry to sell it so I'll make out on almost an even exchange for a step up in models.Comment
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