Can I sell my assets before bankruptcy? 3 Answers as of August 27, 2010

I outright own a car that is in my name. This car has never been financed. Can I sell the car before I file for bankruptcy because of the risk of losing it?

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Lorene Lynn Mies, APLC | TheBankruptcyMinute.com

I am not sure you will lose the car by filing bankruptcy. There are several exemptions available to you. Call me or another bankruptcy attorney for a consultation before you start selling off your assets.

Answer Applies to: California

Replied: 8/27/2010

The Law Office of Mark J. Markus | Mark Markus

How is selling your car going to prevent you from losing it? In any event, yes you can sell your car prior to filing bankruptcy, as long as you can establish that you sold it for fair market value (usually blue book private party value) and can account for what you did with the money you received, there should be no problem.

Answer Applies to: California

Replied: 8/26/2010