My husband and I are going to file chapter 7 on the 29th of this month. We need to sell his 1965 Ford F100 as soon as possible to pay our Mortgage and several NSF charges in our checking account. If we sell it for a thousand and use the money to just make those payments, will we get in any trouble? Our lawyer told us to not get behind on our Mortgage or my car since we're going to continue to pay and keep these.
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The bottom line is that you have to do what you have to do. If one of your last resorts is to sell the truck, then so be it. If you can show where the money for the truck went, then you don't have anything to worry about.
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You do what you have to do.
What is the background here, are you both unemployed now. Having to sell a vehicle to pay mortgage is pretty extreme.
I don't think you would get in trouble. However, you will need to sell the truck for a reasonable value. Given that its an older truck, I am not sure how to value it, but for example, lets say the truck is reasonably worth $3000, and you sell it for $1000, that may cause some problems for the BK.Comment
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The value has to fall into these guidelines. You know the shape it's in so you can best judge what it's worth.
Good luck!!!
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