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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Ariano & Reppucci
Ariano & Reppucci | Chris Ariano
Yes, you can sell the property for Fair Market Value. The money you receive from the sale must be spent prior to filing.
Answer Applies to: Arizona
Replied: 8/26/2010
The Law Office of Mark J. Markus
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
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