Proceeds from exempted vehicle while in bankruptcy
July 12th, 2007 by Questions
when I filed for bankruptcy recently i was allowed to keep my vehicle, which was free of any lien, as it was worth less than the $5650. If I were to sell this vehicle prior to my discharge, what happens to the proceeds? Can I use it as a down payment on another vehicle … (which I have the opportunity to purchase from a family member)? The actual purchase of this vehicle would not take place until after my discharge when i can apply for a loan with a financial institution. For now, the car would remain registered to the other family member and the current car loan would remain in their name.
registered to the other family member and the current car loan would remain in their name.