What will be included in my bankruptcy? 4 Answers as of August 27, 2010

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?

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Lorene Lynn Mies, APLC
Lorene Lynn Mies, APLC | TheBankruptcyMinute.com
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
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
It will be considered an asset. You need to exempt it.
Answer Applies to: California
Replied: 8/26/2010
Ariano & Reppucci
Ariano & Reppucci | Chris Ariano
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
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark 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
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