@Anonymous wrote:
Hello,
I am curious how this situation might affect a potential filing of a Chapter 7 bankruptcy. If I had 2 vehicles and sold one about 45 days ago for $3,000, how should this be reported in a bankruptcy? This was a 12 year old Nissan that was valued at just under $3,000 according to Kelly Blue Book. I still have one vehicle that I plan to keep but not reaffirm due to being upside down (KBB shows value between $10K and $11K, balance owed is $17K).
Would I need to make sure that I listed the $3,000 as an asset? Or would I need to wait to file the Chapter 7 bankruptcy for a specified period of time after I sold the car?
Thank you so much for any insight you might have.
You should be fine. As long as the car was sold for "fair market" value, and it looks like it was, then it should be ok. Im not sure what state you live in, but that $3k cant just be sitting around, especially in a checking account proior to filing. You will need to check your state laws on how much you are allowed to have in your account day of filing.
That money can be used though to pay your attorney, for household items like groceries and cleaning supplies, car repairs/tires...things you need, NOT want or luxury items. Check with your attorney upon consultation, and dont forget to disclose that sale. BTW...that sale has to actually be a legit one...money exchanges hands, and titles sold/renamed.
Welcome to the forums!
