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Selling my car for $ CASH $

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  • Selling my car for $ CASH $

    Hi All,

    I am planning to file within the next 2-3 weeks and one question I have is about selling my one and only car.

    My attorney said I should sell and/or trade in for another car, but the last thing I wanted was car payments on top of my ch 13 plan payments.

    And FYI, I live close to work, so I really don't need my car and could walk or take a short shuttle trip to the office. I live in a down town metro area.

    Anyway, I took my car to Carmax - a 2000 vw passat with only 55k miles on it and clean!

    They offered $4k cash. I decided not to take the offer because I thought well, maybe I could get a better deal by selling it on my own.

    So -- now that I am about to file, WHAT IF - I then decided to sell my car prior to or after the 341 meeting, BUT prior to the final confirmation meeting months from now ---- and I kept the cash in my savings account for future expenses??? Will the trustee take my cash?

    The other side of the coin -- SHOULD I SELL IT JUST PRIOR TO MY ATTORNEY FILING MY PAPERS???

    By the way, he did included my vw in the papers as an asset worth $6,000. So I am not hiding it from the Trustee.

    What to do? What to do? Sell or keep it?
    Filed March 2009

  • #2
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    anyone?
















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    Filed March 2009

    Comment


    • #3
      I would keep the car unless you are willing to wait 6 months before filing. If not, your sale will be included as income.

      Comment


      • #4
        I wouldnt sell it they will want the money for sure!!! And if it is gone there is a good chance they file for a dismissal!!! Just keep it plus 4K for that car is crazy should be more like 7500 to 8500 sell it after your chap13
        Converted to Chp 7 in July 341 AUG 3rd Went well!!!
        Trustee Paid Off Looking At Discharge!!! Might Be A Good After all!
        Discharge Date 10/02/09 Counting the days down

        Comment


        • #5
          253BK
          Registered User
          B/F Newbie


          Join Date: Oct 2007
          Posts: 188
          I wouldnt sell it they will want the money for sure!!! And if it is gone there is a good chance they file for a dismissal!!! Just keep it plus 4K for that car is crazy should be more like 7500 to 8500 sell it after your chap13
          Yes, I know the $4,000 offer from Carmax was a joke. In anycase, I will wait to sell it later on. By the way you said wait to sell my car "after" my chap 13... did you mean right after I file or wait until it is confirmed? OR did you mean way down the line after 5 years - then sell the car?
          Filed March 2009

          Comment


          • #6
            In a chapter 13 your payments are based on your disposable income, So if after everything your payment is for an example $1000 a month for 60 months. During this term you are going to be giving them $1000 a month no matter what.

            I think what the lawyer is hinting for you to do it go out and get a new car (Use your car as a down payment and get a 5 year loan) If your new car payment is $400 a month your disposable income is reduced by $400 and now your chapter 13 payment is now $600...

            All in all your chapter 13 payment is still the same... $1000 total either way. Would you rather drive your old car for the next 5 years or drive a new one?

            Comment


            • #7
              ansky0007
              Registered User
              B/F Contributor


              Join Date: Sep 2008
              Posts: 293
              In a chapter 13 your payments are based on your disposable income, So if after everything your payment is for an example $1000 a month for 60 months. During this term you are going to be giving them $1000 a month no matter what.

              I think what the lawyer is hinting for you to do it go out and get a new car (Use your car as a down payment and get a 5 year loan) If your new car payment is $400 a month your disposable income is reduced by $400 and now your chapter 13 payment is now $600...

              All in all your chapter 13 payment is still the same... $1000 total either way. Would you rather drive your old car for the next 5 years or drive a new one?
              Well, I will be in a 100% plan because I am going to keep my assets (house). So I wonder if it matters. If I am paying 100%, I am paying 100%.

              If I buy a car for let's say $250/monthly payment, I still would owe the same amt. to my Trustee and now I have $250 added to my expenses.

              I don't know, maybe I am missing the point. Do appreciate your comments though.
              Filed March 2009

              Comment

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