How long before bankruptcy can we trade in our car? 5 Answers as of October 01, 2010

I want to trade in an old car for a newer one before we go through bankruptcy. My question is, how long before filing for bankruptcy can we trade in for a new car? I need something reliable that I can use even if we go through the bankruptcy.

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Law Office of Barbara Seeley Curtis
Law Office of Barbara Seeley Curtis | Barbara Curtis
The court looks back 1 year for transfers. Probably wont be a problem if the old is worth less than $2000
Answer Applies to: Florida
Replied: 10/1/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
You can trade in your car before bankruptcy. You then must list ownership of the new car as an asset.
Answer Applies to: California
Replied: 9/30/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
There is no required time frame to do this in. As long as your new payment amounts are reasonable and you can establish the need for the new vehicle (reliability is certainly one), there should not be any issues with the bankruptcy. That having been said, this can depend in part on how courts in your jurisdiction handle things, so you should consult with an attorney in your area.
Answer Applies to: California
Replied: 9/30/2010
Ariano & Reppucci
Ariano & Reppucci | Chris Ariano
The timing of trading in your vehicle should not matter as long as the vehicle has less than $5,000 in equity. Equity is determined by the market value (KBB Private Part Value) minus any liens against it.
Answer Applies to: Arizona
Replied: 9/30/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
You have to wait until the case closes.
Answer Applies to: California
Replied: 9/30/2010
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