Wife and I will file joint Chapt 7 soon in WA State.
Our two cars have loans and will most likely go back to the bank
I have a 14x7 cargo trailer fully paid for worth about $2,500
Can I trade this in or sell it, then buy a 2,500 car BEFORE I file a BK,
will I have a exempt car then?
Am I in trouble if I sell an asset to purchase a car that will then be exempt?
WA State Motor Vehicle Exemption:
$2,500 in value of any one motor vehicle listed in your bankruptcy. Additionally, if you file the bankruptcy with a spouse you can use both vehicle exemptions to protect up to $5,000 in vehicle equity as long as both you and your spouse are on the title to the car.
Our two cars have loans and will most likely go back to the bank
I have a 14x7 cargo trailer fully paid for worth about $2,500
Can I trade this in or sell it, then buy a 2,500 car BEFORE I file a BK,
will I have a exempt car then?
Am I in trouble if I sell an asset to purchase a car that will then be exempt?
WA State Motor Vehicle Exemption:
$2,500 in value of any one motor vehicle listed in your bankruptcy. Additionally, if you file the bankruptcy with a spouse you can use both vehicle exemptions to protect up to $5,000 in vehicle equity as long as both you and your spouse are on the title to the car.
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