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    #1

    Question about a sold car

    On the statement of financial affairs, do I have to list the person I sold a car to for FMV?

    In November of 2004 I sold my Jeep for FMV and used all the proceeds to pay off the loan and have the letter from the bank to prove it.

    The reason I ask is it looks like they want to know if any property was transferred in the 2 years prior to filing and want to know where the property is. Would I list the person that bought the car or is this only for "insider deals" such as friends, relatives and transferring property without actually selling it.

    I don't even know the name of the person I sold it to. It's been a while.

    I'm assuming that the "normal course of business" applies to a sale, but not a transfer for less then market value.

    Thanks!
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    #2
    I'm not sure if you need to list the 'who' but as long as you can document the FMV transaction it should not pose a problem.
    Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

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      #3
      The letter from the bank should be proof enough. If not use the VIN # and you can go to DMV and they can give you more specifics on the car and then get the KBB value.
      They are mainly trying to find out if you are trying to transfer property to keep it from creditors. I am sure that you sold the vehicle was to get rid of that debt not to hide an asset.
      I'll be watching, you may never know when or how, but I'll be there. I am there now....

      Comment

        #4
        Originally posted by sunshine08
        The letter from the bank should be proof enough. If not use the VIN # and you can go to DMV and they can give you more specifics on the car and then get the KBB value.
        They are mainly trying to find out if you are trying to transfer property to keep it from creditors. I am sure that you sold the vehicle was to get rid of that debt not to hide an asset.

        That's exactly what it was. Just wanted to unload it to save money long before even thinking about bankruptcy. Never made a dime. Just paid off the loan.
        I know that's all the trustee wants to know, but when I read the statement of financial affairs and they were looking for the name & address of the location of the property now I thought oh boy don't have this info.

        Thanks for all of your answers.

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