Consult a Bankruptcy Attorney When Assistance Needed
Video Transcribed: Oklahoma Bankruptcy Attorney Edward Kelley here, answering your Oklahoma bankruptcy questions with oklahomacitybankruptcyattorney.pro. What your lawyer needs to know and what you need to know before you file is, let’s say I have a vehicle that … Let’s say I have two vehicles, and they’re both paid off.
And, as you know from other videos, you’re only going to be exempt, meaning you only get to keep outright, one vehicle up to 7,500 in value. So let’s say that second vehicle is worth maybe 2,500. And let’s also say you don’t have the fee for the bankruptcy.
Well, can you sell that vehicle in anticipation of bankruptcy? And the answer is a guarded yes. The key here is that you’re not defrauding the court or setting up for defrauding. This is all before you file by trying to hide or get rid of an asset.
However, if you sell that car on the open market, fair price, to a stranger, I’d say just don’t even sell it to a friend or relative. You’re going to have to disclose that anyway. And if you do, be sure it’s close to Blue Book value, or it’s going to get looked at as fraudulent.
But if you sell it to a stranger for as much as you can get for it and you spend that money legitimately prior to filing, and the courts always consider your attorney fee legitimate, you can do that. You can do that with your jet ski, with your boat.
Keep in mind, if you get $10,000 and put it in the bank, that $10,000 is still up for grabs. And if you convert it to cash and put it under the mattress, that money under the mattress is up for grabs. It’s any kind of asset. And if you don’t disclose something, you can get in big trouble.
So just something you can do if you’ve got assets that will get taken into bankruptcy, but you need that money now for your Oklahoma city bankruptcy attorney or other legitimate purposes. You can sell it, fair market value to a stranger.