What happens if I sell an exempt item before discharge?

[tlk9]

Can anyone tell me what would happen if I sell a vehicle before my discharge,I claimed it as an exempt item and already had my 341,I know I shouldnt but times are tough right now and I need the money to stay current on bills. Thanks I am trying to hold out for my discharge but it will be tough.

[REGOR]

Can anyone tell me what would happen if I sell a vehicle before my discharge,I c

There is a problem if you sell it for more than the exempt value you stated on your application. Otherwise it's not a major issue.

Can anyone tell me what would happen if I sell a vehicle before my discharge,I claimed it as an exempt item and already had my 341,I know I shouldnt but times are tough right now and I need the money to stay current on bills. Thanks I am trying to hold out for my discharge but it will be tough.

[StaciMM]

You should not have a problem. Just to cover yourself though, make sure to keep a paper trail.

[Lightning]

Is your shortfall temporary? If not, selling your car won't help you. You'll just be in the same situation next month. Filing bankruptcy is supposed to help you get ahead. If you're still behind after filing, then debt wasn't your only financial problem.

[robivi3]

Has the Trustee abandoned interest in the Automobile? A 341 is only a formality. The Trustee's intentions come later. He may even abandon interest and then reverse the abandonment. You need to be absoulutely sure that he has abandoned for good all interest in the automobile otherwise there could be a problem.

Irregardless of what is said in here i would be very careful before selling any asset before being certain of the Trustees intentions. redundant yes, but at this point in a BK you shouldn't be struggling so much unless there are other factors. Also the loss of an Automobile seriously impairs future plans.