Need Advice Fast

[ARO96]

OK, this is the situation. We have retained a lawyer for $200, still owe $1800 to get the BK filing started. The problem is that on August 3 I didn't have the $600 for my car payment. Tomorrow is Sep 3, which means I will owe another $600 for a total of $1200 to the car company. Don't have any money to give them or any money as of yet to give to lawyer. My husband has a motorcycle worth about $2000. If we sell that should we give the money to the car company (car will be included in bankruptcy) or give the money to the attorney? If we give the money to the attorney, how long does it take to file and how much time do we have on the car before it is repossessed? We want the car in the bankruptcy, not repossesed before we file. Also, if we sell the motorcycle and file this week, will we get in trouble?

I don't want to decieve the courts by any means, we are just in a desparate situation at the moment. Selling the motorcycle seems like the only option to get some quick cash for either the car payment or the attorney. My hubby wants to give the money to the attorney to get this process going rather then give it to the car company. That seems to make sense, I just don't want to get in trouble by selling something and not paying the bills with it, but instead giving the money to the attorney.

Any advice would be appreciated. Thanks.

[JRScott]

I wouldn't use the money to pay the car payment. I'd use it to pay the attorney. The Trustee will most likely ask about it, just don't sell it to an insider (family or friend). Just tell him truthfully, We had to sell it to pay the lawyer sir. Should end the discussion.

It depends on the lawyer a lot and how thorough the paperwork is. It can vary from a few days to a month. Once filed they would have to file a motion to lift the stay before they could come get the car.

[ARO96]

Thanks for the info. The attorney said to sell the bike so I assumed it was ok. I don't want to give the money to the car company either since the car will be in the filing and it could take weeks of saving before we have the money for the attorney. I just want to get this thing started so we can be finished with it. Stressed out enough as it is. I figured I will just put the car in the garage until the filing process is started and once it is safe for them to take it, I'll take it out.

We will be selling the bike to a dealership for quick cash. If I had the time I could sell it outright and make another $500 to $800, but we really just don't have the time. I hate to take a hit on the bike, but we really are out of options here.

[JRScott]

Yeah it should be okay . The Trustee might not ask about it, but if he does just be truthful about using the money to pay the lawyer.

If you sold it to an insider though the Trustee could undo the transaction. That's why I said not to do that, to a bike shop should be fine.

[qwertysue]

Whatever you decide to do, make sure you keep copies of all paperwork and receipts! It'll make it a lot easier to show you sold bike for $xyz and then promptly paid attorney $xyz.

[ARO96]

Whatever you decide to do, make sure you keep copies of all paperwork and receipts! It'll make it a lot easier to show you sold bike for $xyz and then promptly paid attorney $xyz.

We will keep all paperwork, thanks.

I really don't see any other option but selling the bike. Owe 1200 on car and 1800 to attorney.

Money to the attorney or the car, pretty easy decision.

[Lindsay]

You can always buy another motorcycle after you are back on your feet financially. I think you are making a very smart move. I'd sell it fast and take the money to the lawyer as soon as possible to get your case filed. I've heard that most cars companies won't repo until the car is 60 - 90 days overdue and sometimes it takes even longer. Once you file, the car company will have to petition to get the stay lifted so that will buy you extra time, I think.

I've been selling my personal books on Amazon to get money for the lawyer. None of them are rare or collectible books, but I'm a voracious reader and have hundreds of them. Alot of the books are handicapping and horse racing books which are in demand. I'm so conflicted everytime one sells and I have to pack it up and send it away. I think, "Oh, I just loved that one!" But later, I can always buy my favorites back from someone else on Amazon or eBay.

[ARO96]

You can always buy another motorcycle after you are back on your feet financially. I think you are making a very smart move. I'd sell it fast and take the money to the lawyer as soon as possible to get your case filed. I've heard that most cars companies won't repo until the car is 60 - 90 days overdue and sometimes it takes even longer. Once you file, the car company will have to petition to get the stay lifted so that will buy you extra time, I think.

I've been selling my personal books on Amazon to get money for the lawyer. None of them are rare or collectible books, but I'm a voracious reader and have hundreds of them. Alot of the books are handicapping and horse racing books which are in demand. I'm so conflicted everytime one sells and I have to pack it up and send it away. I think, "Oh, I just loved that one!" But later, I can always buy my favorites back from someone else on Amazon or eBay.

We'll miss the motorcycle, but you do what you gotta do right. We will be able to eventually get another one, could be a few years, but that is ok. Right now we are in need of cash fast, and the bike is the only thing we have that will give us what we need now. So time to sell.

Like my hubby said, the bike is just a thing. It can be replaced. He's more concerned with my mental health right now then anything else. This year has been tough and all my crying and not sleeping and stress is beginning to affect our family. Hence the decision for BK.

Just can't wait to get this started and finish it. I've been a wreck this entire year and really don't know how much more I can take. So the bike will give us the means to get it going so we can start rebuilding our lives. Yeah!!!