What will be included in my bankruptcy?
I have huge credit card debt and no income. All I own is a vehicle that, I believe, has a fair market value of about $3,500 dollars. If I sell this car before I file for bankruptcy, will it be considered income?
Answered By: Lorene Lynn Mies, APLC
All assets and and debts must be listed in your bankruptcy. Your car should be exempt and you can keep it. The sale if the car is not income, especially if you are selling it to live on the proceeds.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Diefer Law Group, P.C.
It will be considered an asset. You need to exempt it.
Answer Applies to: California
Replied: 8/26/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/26/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Ariano & Reppucci
Your vehicle will be exempt since it is below $5,000 in equity. If you sell the car the money you make from it will not be considered income. With that said, you must spend the money from the sale prior to filing on exempt propertyitems. To discuss further, please give us a call.
Answer Applies to: Arizona
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Arizona
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: The Law Office of Mark J. Markus
Yes, income from sale of assets is income which, if received in the 6 calendar months prior to your bankruptcy case being filed, must be reported on Form 22A to the extent of the gain from sale.
Answer Applies to: California
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
More Questions on Bankruptcy
- Are my children's education funds included in a bankruptcy?(1/16/2012)
- Can I cancel my bank account before the creditors take my money?(1/16/2012)
- Is it possible to file for bankruptcy if I am outside the country?(1/16/2012)
- What happens if I change my mind about the chapter 13 payment plan?(1/16/2012)
- Does filing a Chapter 7 bankruptcy protect one from going to jail for child support?(1/15/2012)
- If two names are on mortgage, if one files for bankruptcy can the other lose the home?(1/14/2012)
- Can I file for bankruptpcy if my divorce is not finalized yet?(1/5/2012)
- Can I still file for a chapter 13 bankruptcy if I just got fired?(1/5/2012)
- After a chapter 13 bankruptcy what assets am I allowed to keep?(1/5/2012)
- What happens if I file for a chapter 7 bankruptcy and my debts are not all liquidated?(1/5/2012)
- What happens if I file for bankruptcy while my home goes into foreclosure?(1/5/2012)
- If I file for bankruptcy can I still use my credit cards?(12/28/2011)
- Can I leave the country if I am filing for bankruptcy?(12/22/2011)
- Can filing for bankruptcy prevent me from taking out a student loan?(12/22/2011)
- Can I file for bankruptcy before I am married?(12/22/2011)
- Can I get my bankruptcy removed from my credit report?(12/21/2011)
- Why is the bank still calling me if I am filing a chapter 7 bankruptcy?(12/21/2011)
- Can I keep my bankruptcy petition private?(12/21/2011)
- Is there anything I can do if a creditor files bankruptcy for me?(12/21/2011)
- When is it too late to add anything to my bankruptcy file?(12/21/2011)
