Is an asset sale considered income?

[ourf8]

I sold an asset for over appraised value last month so I could make rent (I am on unemployment, so we are at deficit every month) It's a bank transfer so I know I have to disclose it, but is an asset sale considered income or just an asset sale like a garage sale? (sold for $1500, appraised for $1300). I have no problem showing the trustee where the money went, I just don't want to be dismissed because something was not right.

[JayJay]

I too would be interested in knowing. I'm selling the car I'm making payments on right now and it has about $1500 equity. I am going to use that money to buy a cheap car to actually OWN.

[AngelinaCatHub]

I sold an asset for over appraised value last month so I could make rent (I am on unemployment, so we are at deficit every month) It's a bank transfer so I know I have to disclose it, but is an asset sale considered income or just an asset sale like a garage sale? (sold for $1500, appraised for $1300). I have no problem showing the trustee where the money went, I just don't want to be dismissed because something was not right.

[magyar123]

Was that assett that you sold on your assetts listing when you filed? Did you sell that assett between the time of filing and your 341 hearing?

[ourf8]

NO, I just filed yesterday and the sale took place a little over a month ago. I don't have a 341 scheduled yet.

[fltoo]

Lawyer said it is not a problem before filing. Just keep a paper trail of the sale and receipts on how you spent it, hopefully necessities.