May 24th, 2011 by Questions

I am strongly considering bankruptcy in the near future. I currently own 2 vehicles. One is my main vehicle that I use to get back and forth to my job, the other is a secondary vehicle that is essentially only good for parts. I am behind on my rent and have an offer of $700 for the second vehicle. I do not want to accept it if I am going to claim bankruptcy yet I could use the cash to catch up on my rent Please advise the best option in this situation.

Posted from: Ontario


One Response to “Vehicles”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If you are in a position where you must sell the second vehicle to catch up with essentials (i.e. rent, food etc.) then I wouldn’t be to concerend with how it will be perceived should you file a bankruptcy. Just make sure you sell the second vehicle at fair market value and then keep receipts for where you spend the money. This is just in case a creditor takes exception to the sale of this vehicle, you want to make sure you can quantify what was sold, how much it was sold for and then be able to demonstrate that the money was not wasted but directed toward essential items.

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