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question in regards to assets

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  • question in regards to assets

    We are thinking about a chp 7 in january or March 2011 but after reading a few things here I have a question. We live in AZ, we have 4 atv's and one flat trailer that were all purchased 5 yrs ago. We sold 2 atv's about 9 months ago prior to even thinking about this and honestly do not know if they titled them since most atv's are not titled in AZ, although a recent law does require it. We originally had the titles, but not sure if they switched them over. We still have 2 older atv's that we are wanting to sell at market value and maybe the trailer, now we know to ensure that we do the title swap at dmv on the sale. If we use that money for living expenses would this be an issue? The current market value for these 3 items would be combined value of 2200.00


  • #2
    As long as you sell the items at fair market value and then use the money for living expenses, you should be okay. You can also use some of that money to stockpile storable canned goods, or soaps, shampoo, paper towels, etc.

    Good ;uck to you and welcome to the forum.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."


    • #3
      Ok, thanks, that was fast. I am kind of worried about the other 2 atv's we sold about 9 months ago. Not sure if they were ever titled in the new owners name and do not have any contact info to verify. Worried that if a title search is done, they may come up in our names and not be able to really answer any questions to the trustee.


      • #4
        Originally posted by gdt View Post
        Ok, thanks, that was fast. I am kind of worried about the other 2 atv's we sold about 9 months ago. Not sure if they were ever titled in the new owners name and do not have any contact info to verify. Worried that if a title search is done, they may come up in our names and not be able to really answer any questions to the trustee.
        When you sold them, didnt you contact your local DMV and county treasurer to remove them from your possession? Did you do a bill of sale? You had to sign the title over and had to fill in the sale amount on the title, did you keep a copy?


        • #5
          Well typically in AZ most atv's do not have titles, recently they have pushed the title requirement. I do believe they were registered and titled as an ohv in 2005 when we go them. Keep in mind that they were 2001 and 2002 atv's, I did do a bill of sale, but have done some cleaning and moving since then and am un able to find the info. The other 2 atv's and trailer are all titled and would follow the above mentioned path in regards to a sale. Heck we did not consider a BK until a few weeks ago, few things changed and here we are. The importance of paperwork 9 months ago was not that important. They were kids quads and never used so it was just a basic we do not need them type of deal. The others that are left are being sold to aid in month to month living. We basically lived off of my overtime which unexpectedly has ended. I know, I know overtime should not be used that way, but it had been there for 10 years.


          • #6
            you had to have paid personal property taxes on them - or does AZ not require that? You should be able to call your county and see when they were taken off, get a print out, and that may suffice as proof. But as with everything, your mileage may vary.


            • #7
              No property tax on ATV's


              • #8
                I live in AZ and had a similar situation (with ATVs and a trailer).

                As far as I know only records are the title, OHV tags if you got them (only good for one year), and in rare cases registration if made street legal. As you stated there are no property taxes collected for them.

                On the previously sold ATVs, you can go to (the AZ MVD site) and attempt to request a vehicle record (aka title search) (click on driver services, then vehicle record) it costs like $3. This should tell you what you need to know, but you may have to go to MVD to confirm. With the relatively recent law changes and the fact that they are policing for OHV tags now, I would be surprised if they didn't get the titles.

                If you can find the bill of sale, that would obviously be a good thing to have.

                Another thought, (if you can find the paperwork). I know the normal vehicle registration (and also trailer registration) has a form on the back (a Sold Notice) to fill out and send in that you sold the vehicle. ( this is basically to protect you from liability if the new owner doesn't title right away and causes problems ( hit and run or something). I don't remember from my paperwork if the OHV paper ( that came with the tags) had this form on the back or not). You can also complete a sold notice online (also at ) but you must have the vin, and I believe it records with today's date (if you had the paper you could put the actual sale date)

                Also if you gave them the title you would have had to have it notarized. If you can remember where it was notarized at you should be able to get record of that ( mind you it would just say that you had a title notarized on that date, the information is limited, but this is better than nothing if a question comes up)

                In my case I had sold everything over 6 months before ( and had made sure that the titles were transferred). I included them on my paperwork ( that I had sold them for market value), It didn't even come up as a question, that being said I am in a ch 13 and you said ch 7, from what I understand they may look deeper into these things in a 7.

                Another suggestion my lawyer had made ( just to have as much of a trail as possible) I had sold on Craigslist, he said to get a screenshot of the listing if it was still on the site (it wasn't in my case, but was worth a shot)

                hope this helps..... another suggestion if you do have to go in to MVD and if you are near the west side of town the MVD office in Sun City is the fastest to get in and out of (or at least it used to be)


                • #9
                  Has anyone ever written their own statement explaining a situation like this and had it notarized? Having it notarized, would that help to show that the person explaining the situation was showing honesty since they written the statement, signed and notarized attesting that it's the truth?

                  I don't know which section of the Chapter 7 forms that this answer had to be input. Can you put 'unknown.' And then if they haev a question, you can then explain. I'd heard that 'unknown' is used when one doesn't have the info requested.


                  • #10
                    I have been lurking since this post, we filed Oct 14th and have a short time until we hit our 60 days. Yeah!!! We have been able to save a good portion of change as well. I have a question now, I am in a unique situation in regards to the above mentioned property. I sold the 2 quads and a flat trailer to an individual at work and he recently approached me asking if I wanted to buy them back. I honestly would, but am afraid that once we close the BK Ch7 this may look fishy. Long story short, he is offering to sell them cheaper than what he bought them for. Reason? He is now planning on filing a BK due to a upcoming divorce and wants to sell the property quickly to divide the funds with his soon to be ex spouse. Any input on this situation? heck I think it looks fishy and do not want to jeopordize our situation.


                    • #11
                      I would like to tell you that after you are discharged, you have nothing to worry about - you can buy whatever you want from whoever you want to buy it from, although - to be candid, I have no idea what type of checking up the trustees do once you are discharged. Next thing is, I would like to say that once your case is actually closed you REALLY are in the clear to buy whatever property you want, from whoever you want, however, once again, I have to admit that I have no idea what type of checking up, if any, trustees do after your discharge or close. I wish I was more help, but, perhaps someone knowledgeable will chime in with some helpful info.


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