I have a question on assets that we sold prior to filing BK...We sold our boat for pretty close NADA value for $7500 about three months ago to cover our mortgage and living expenses for a few months whille we were without income...it was not a title transfer and it was not sold to a relative...I understand that the courts can make me pay them the money we obtained from the sale of the boat...Is this true? We by the way have not yet filed but will be as soon as we can come up with the money for an attorney in a month or two...I am sure they will question the transaction but if I can show where that money went will they leave it alone or will they still make us pay the trustee?
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We're from Florida, filed in middle district, Tampa. If you can show the money was deposited into your account, and withdrawn on those monthly due dates to pay your debts there's no reason for the court to complain. Especially if it was sold at near recommended blue book etc. It would cost the court more to take it as an assest, and sell it. Selling a boat for value in today's economy is a feat in & of itself. If it makes you feel any better, my DH & I (naively) depleated our IRA in every attempt to stay current while trying to sell our home & blindly ride the market wave, until we realized we evently had to stop the bleeding. There was nothing else to depleat. Remember your IRA,401K is protected(exempt). Good luck in the attorney market, be SURE to interview multiple people. Look on the FL bar site to check their records. If they approve during your visit, ask if you could record the interview. Make up some issue of Adult ADD, or what ever it takes. If they are honest, there shouldn't be anything for them to feel threatened about (after all it's only an interview). This will help greatly, when you can listen and review your option & any conflicting opinions at your leisure. It's overwhelming, your dealing with alot of information and facts at once and likely won't retain it all. Lastly watch for the fees (don't agree to any hourly rates...NO MATTER how good the attorney leads you to believe they are) read my previous threads.You're lucky you found this site so early on. I wish I had during my Chapter 7 prep. -
Thanks Venicehope I kind of thought but was worried...Were also in SW Florida...Cape Coral area...
Having a difficult time finding the right attorney right now...can't find anyone willing or able to answer our questions they just want the paperwork and money...Comment
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