Comments on: Can i sell my car before bankrupcy? http://www.mobilemerchantaccount.net/can-i-sell-my-car-before-bankrupcy The Best In Telephone Credit Card Processing Fri, 10 Feb 2012 22:39:10 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: rpg http://www.mobilemerchantaccount.net/can-i-sell-my-car-before-bankrupcy/comment-page-1#comment-1268 rpg Sun, 27 Jun 2010 03:47:56 +0000 http://www.mobilemerchantaccount.net/can-i-sell-my-car-before-bankrupcy#comment-1268 You need to talk to your attorney BEFORE you sell the vehicle. You will need to account for the sale of the vehicle in the Statement of Financial Affairs that must be filed with your bankruptcy petition. If you sell the vehicle for less than it is worth, the Ch 7 trustee can "undo" the sale and use the proceeds to repay creditors. If you make preference payments to some unsecured creditors (and not others) prior to filing bankruptcy, the ch 7 trustee can also recover the funds from those creditors and distribute them more equally among all creditors. This does risk "looking like" fraud and arousing suspicions -- and could cause some transactions to be "undone" following the bankruptcy filing. Discuss your plan with your bankruptcy attorney FIRST, BEFORE you do anything. You need to talk to your attorney BEFORE you sell the vehicle. You will need to account for the sale of the vehicle in the Statement of Financial Affairs that must be filed with your bankruptcy petition. If you sell the vehicle for less than it is worth, the Ch 7 trustee can "undo" the sale and use the proceeds to repay creditors.

If you make preference payments to some unsecured creditors (and not others) prior to filing bankruptcy, the ch 7 trustee can also recover the funds from those creditors and distribute them more equally among all creditors.

This does risk "looking like" fraud and arousing suspicions — and could cause some transactions to be "undone" following the bankruptcy filing. Discuss your plan with your bankruptcy attorney FIRST, BEFORE you do anything.

]]> By: Mike H http://www.mobilemerchantaccount.net/can-i-sell-my-car-before-bankrupcy/comment-page-1#comment-1269 Mike H Sun, 27 Jun 2010 03:47:56 +0000 http://www.mobilemerchantaccount.net/can-i-sell-my-car-before-bankrupcy#comment-1269 Just don't pay the bills it worked for me Just don’t pay the bills it worked for me

]]> By: ibu guru http://www.mobilemerchantaccount.net/can-i-sell-my-car-before-bankrupcy/comment-page-1#comment-1270 ibu guru Sun, 27 Jun 2010 03:47:56 +0000 http://www.mobilemerchantaccount.net/can-i-sell-my-car-before-bankrupcy#comment-1270 You will have to account for all assets sold within the past three years. The court will take that money and apply it to your debts. You will have to account for all assets sold within the past three years. The court will take that money and apply it to your debts.

]]> By: Deb http://www.mobilemerchantaccount.net/can-i-sell-my-car-before-bankrupcy/comment-page-1#comment-1271 Deb Sun, 27 Jun 2010 03:47:56 +0000 http://www.mobilemerchantaccount.net/can-i-sell-my-car-before-bankrupcy#comment-1271 If you already have the forms for bankruptcy, it is probably too late to sell the car. The creditors could sue you for the money to pay off the debts you owe them. Best to keep your car since it is paid for (they won't take it, you are allowed to have a vehicle). Include all your other debt, aside from rent and such, in your bankruptcy, let that clear the table. Include whatever is allowable according to your lawyer. You will sleep easier with that debt gone. Sell your car much later or just keep it. It is foolish to sell it if it is dependable. Get rid of all the credit card debt..you will not regret it. If you already have the forms for bankruptcy, it is probably too late to sell the car. The creditors could sue you for the money to pay off the debts you owe them. Best to keep your car since it is paid for (they won’t take it, you are allowed to have a vehicle). Include all your other debt, aside from rent and such, in your bankruptcy, let that clear the table. Include whatever is allowable according to your lawyer. You will sleep easier with that debt gone. Sell your car much later or just keep it. It is foolish to sell it if it is dependable.
Get rid of all the credit card debt..you will not regret it.

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