to sell or not to sell -.-

[Graphic]

Well as some of you know I was selling my car because I wanted to sell it, then use the money for exempt items. So anyways, my mom calls me today to tell me that I need to stop the sale because she found out I didn't have to sell the car to file bankruptcy.

So I'm thinking to myself where the hell did she get this nonsense. Anyways to make a long story short there is a guy that has handle my annuity and stocks and bonds since I was young. He was a lawyer blahblah. She told him the situation and he told her that "Alabama law says u dont have to sell it" or some bull. So anyways I argue with her that I've read about it and yeah I DONT have to sell it but they are going to go after the equity.

Of course, as we have discussed before she said she can prove she paid for it and what not. So I just gave up I was like fine if you want to risk them getting a judgment on it then fine with me. She said the guy was going to send all the laws to her etc etc. So now I don't know what the hell to do lol. I just wasn't going to argue, she insisted and I insisted he didn't seem to know what he was talking about but what am I to do. She's my mom I can't argue too much So I guess we shall see where this leads me, hopefully to something good.

[bkfiler]

does your mom have money?

if answer is yes: dont sell it.

if answer if no: do what you have to do inorder to protect your assest.

period.

[Graphic]

Uhm yeah she has money but you know how that goes. Just cause someone has money doesn't mean they want to spend it. She just thinks that what he says is Godlike so I said hey it's on you in the end because I told her that he's pretty much wrong from what I know. So I said don't hold it against me if we lose it.

[bkfiler]

yep thats what i would say and blame her and cry if it gets taken until you get a new toy.

[Graphic]

lol. Well I mean I feel bad about it.. but yeah I guess I would get a new toy :P

[StaciMM]

Do your research, interview BK attorneys, and smile & nod politely when you discuss with your mother. (There are many myths and incorrect notions out there, and its probably not worth the effort to try to correct them.) While your mom is right that you don't HAVE to sell the car, you're right in assuming it will be in jeopardy if part of your BK estate.

I just looked up AL's exemptions... They don't look too generous. From what I could read, it appears that you can exempt a TOTAL of $3000 in personal property. Doesn't matter if its cash, car, clothes, household items, etc. (There is an additional $5000 for real property.) Found one thing you CAN exempt, if you run out of other options and really just don't want the trustee to get his hands on it. You can buy a church pew or burial plot.

[bkfiler]

isnt that a fortune for people in alabama though?


ok just kidding lol - lets not start!

[Graphic]

Haha, for some people sure, but it is the bible belt so that doesn't surprise me on the church pew

[StaciMM]

But how can a person OWN a church pew? If you donate money to the church and they use it to buy a pew, it belongs to the church, right?

[Graphic]

lol I would imagine so who knows. The 3k is better than the 1k in florida though =\ Either way my mother should have listened!

[StaciMM]

But at least in FL, if you have a good amount of equity in your home, THAT is safe.

[Graphic]

Well yeah of course, that doesn't apply to me though :P

[SinkingFast]

Your Mom sounds like our parents. They really want to help you, but only in ways that are their version of help. You tell them you need X and they see that you need Y. They will give you Y, but no way will you get X.

[Graphic]

Yep. Hopefully I won't get a judgment anytime soon because I don't feel like dealing with that. I heard somewhere that even though they get a judgment on you and say they put a lien on your vehicle or something they can't TAKE it from you? Anyone know how that works?