Our last significant asset that we haven't already sold is my wifes truck that has very low miles and is only about 3 years old. Kelly Blue Book for private party sale has it valued at about $18,000. With the vehicle exemption being $15,000 we're concerned that, once we file, the trustee will simply take it and we'll be left w/ only my POS, 10 year old car that I use for commuting.
Our thought was that we could just sell it, buy a less expensive car, and hold onto the remaining cash so that we also have some buffer as we're going cash only as of 9/1. We plan on filing Ch. 7 around the beginning of Dec., so in that time frame, does anyone have a sense of how a trustee will look at us selling a vehicle that's over the exemption, 3 months before filing BK?
Obviously, part of the reason is b/c we don't want the trustee to just take it, but it does also make good sense as we'll no longer have credit to fall back on for emergency as all our cash will now go to expenses, attorney, and saving for first/last rent and deposit as we'll be walking away from the house and renting after BK as well.
Has anyone ever done this and been OK? Thanks for the input.
Our thought was that we could just sell it, buy a less expensive car, and hold onto the remaining cash so that we also have some buffer as we're going cash only as of 9/1. We plan on filing Ch. 7 around the beginning of Dec., so in that time frame, does anyone have a sense of how a trustee will look at us selling a vehicle that's over the exemption, 3 months before filing BK?
Obviously, part of the reason is b/c we don't want the trustee to just take it, but it does also make good sense as we'll no longer have credit to fall back on for emergency as all our cash will now go to expenses, attorney, and saving for first/last rent and deposit as we'll be walking away from the house and renting after BK as well.
Has anyone ever done this and been OK? Thanks for the input.
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