2 sold cars, any advice?

[eventsdj]

Planning to file late Dec. early Jan. (keeps getting pushed back so far).
Sold a crappy van for $1,000 to a random person and used the money to buy a $1,800 crappy van in Feb. 09.
Signed over the title, and don't really have any proof of anything, we just gave a sigh of relief as he drove away.

Sold my sons (in my name) crappy 82 toronado for $500 so he could buy a $1500 decent car, which is in my name (he was 17 at the time). (he paid for the whole thing)
Same scenario, just crossed our fingers that it ran while they drove away, and signed over the title.
I'm sure his car will be exempt, its worth less than we paid.

What will a trustee think of this? Its not like I have receipts or anything, actually we are (were) pretty poor recordkeepers.
Do I need proof of anything on these sales, or is it not enough $$ value to worry about.
Thanks!

[DebtEnder]

Both the cars were sold to random people at the highest you could get for it at the time?

If so then you should be fine. Selling assets in order to pay for bills or other needed items is not a bad thing. Having some record of what you got for it would be helpful but if all else fails the title xfer would show it was "sold" to a non-family member.

The issues with this type of stuff is selling a car for say 500 dollars to your uncle/nephew/son/best buddy etc etc when it's worth 5k so as to hide the asset from creditors. I think the terms some people have said as long as the transaction was at "arms-length" and for fair market value then you should have no major issues. TBH if both vehicles were 15 or more years old I don't think anyone will care.

[backtoschool]

Worst case scenario, those cars are low enough in price that they should be able to be covered in exemptions if there is any pushback from the trustee.

[eventsdj]

Thanks!

[shabam]

I don;t think yo will have an issue. Even if you were over the exception, the trustee would have to sell those at auction. I highly doubt they would receive more than $500 max for both.

I would just make sure the title has been transferred out of your name. Since you purchased another vehicle, you will not have any issues with the sale either.