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Trade in vehicle listed in schedules

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    #1

    Trade in vehicle listed in schedules

    Anyone know if I can trade my existing vehicle that is owned outright for an equally valued vehicle without notifying the trustee? No new debt or monetary gain.

    341 was a few days ago. Plan not confirmed yet.
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    #2
    This is essentially the same as selling your current vehicle and buying a new car in cash with the proceeds. IF the car is valued at more than the amount listed in your confirmation papers (usually around $500-$1000), then you will need tt approval to sell the vehicle.

    The good news is that you won't have to petition to take on new debt, which is much more complex than getting approval to sell an asset.
    Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
    0% payback to unsecured creditors, 56 payments down, 4 to go....

    Comment

      #3
      I would still run this by my attorney. Other than that, I don't see any problems with "exchanging" a car for like value.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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