This Question is Answered 
    Show me another

    jerryhines

    I Am In Process Chapter 13 Bankruptcy. Can I Sell A Car I Own Without Repercussions?

    I want to sell a car before I file a chapter 13 bankruptcy. Can i do this legally I have retained a bankruptcy attorney already. We file in 5 days

    asked 3 months ago

    Report

    Answers


    septic

    Sell it before you file and hide anything else. Once you file, everything you own will be liquidated to try and pay your debt. Your shister lawyer is the only one getting paid here so he wants as much as he can get. Don't trust him. He's  a necessary evil in this game.

    answered 3 months ago

    Add Comment
    View Comments [1]
    Report

    Um, liquidation of assets is Chapter 7. Assuming your car is a secured debt in your Chapter 13 payment plan, you can sell it IF your trustee approves. However, the proceeds should go toward payoff of the car. Otherwise, your bankruptcy plan payments will stay the same, or even increase. If you own the car free and clear, you can sell it, but the proceeds will likely been viewed as "disposable income," a portion of which may need to go toward your repayment plan under Ch 13.

    comment made by Bobfranken 3 weeks ago    Report

    Edit Comment

    New Comment

    1000 words left
      Ask the Community a Question