Getting rid of an old car

[Willy13]

I am a half owner of a 1986 BMW 325es that hasn't run or been registered since 2004. The car has many problems. The guy who we buy firewood from wants to give us a few cords of wood for the car. Basically he would give us like $500 of firewood for the car. How would this work with a BK looming in the next year or so? I do not know the value of this car as KKB and Nada etc seem to stop at 1990. Will this cause any problems since it would be a trade and not a money transaction?

[lrprn]

As long as a full year has passed *and* you receive the full market value in return for the car in its current condition, trading it off this way should be ok. However, I would definitely get an opinion from several experienced bankruptcy lawyers before doing it.

I did a few quick online searches and couldn't find any 1985 BMW 325es models for sale. However, I did find several 1985 BMW325is in running condition for private sale priced at $1500-2000. I also found several 1985 BMW325e running models for $900-1200. I don't know anything about 'beemers' - are these figures helpful?

You just have to be sure that you get what the car is really worth to avoid problems when you file bankruptcy.

[Willy13]

Thank you. This was a 1986es btw. This car is in poor shape, Bad Clutch Bearing, No AC, NO radio, Antilock brakes do not work and the battery has long been dead. The last time the engine was started was in 2004. The other half owner of the car is the one that wants to unload it and they don't get the BK pitfalls in doing this.

Thank you very much for giving me something I can show them.