Question fees for BK - can i sell things off?

[TampaGirl]

Can I sell things off in order to have money to pay for BK attorney and filing fees? I have a $1000 Kayak that i paid for over 10 years ago, and some other things in the garage that I can sell. My house is ready to go into foreclosure and i am broke (hubby and I both without work in the last year). I need money to file bk and move! Is it all legal? do i have to report it to anyone of the things that i am selling off?

Thanks for any advice you can offer.

TampaGirl

[Aledrell]

You can sell exempt property check your states exemptions....I also think you can get the BK court to take three installments if you fill out another form.........moving probably not a good idea because the stay is supposed to keep the property in one place. So get it where your going then file.

[LadyInTheRed]

You can sell any property, exempt or not, as long as you get fair market value for it.

I think you will have to report the sales on the Statement of Financial Affairs. But, that doesn't mean it will be a problem. Just keep documentation of the sales (who you sold it to and for how much). Selling to strangers instead of friends and family will likely attract less attention. But, you can still sell to "insiders" as long as it's for fair market value.

[StartingOver08]

You can sell your stuff!

You can sell any property, exempt or not, as long as you get fair market value for it.

I think you will have to report the sales on the Statement of Financial Affairs. But, that doesn't mean it will be a problem. Just keep documentation of the sales (who you sold it to and for how much). Selling to strangers instead of friends and family will likely attract less attention. But, you can still sell to "insiders" as long as it's for fair market value.

Exactly. You can sell any asset you have to generate funds for the filing fee and attorney fee's and/or living expenses. Documentation is the key. BK is not some sort of punishment. It is a final resolution to the outstanding debt.

[discouraged]

Thank you so much for asking this TampaGirl! I was in the process of remodeling my house when my life caved in and I became unemployed. I have lumber, insullation, wallboard and paint which my neighbor would love to buy but I was scared to sell until after the filing.

I iwll ask my lawyer to make sure but it sure would speed up having the money to pay him!