How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37971
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
10097515
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

Lost business client and I am having major financial difficulties

This answer was rated:

Lost business client and I am having major financial difficulties and am considering my options ("to file BK")

I am running out of cash and am considering trading in my wifes 05 Honda Minivan ("$740 monthly with a remaining balance of $8,300) for a smaller used 09 Mazda5 ("Mini mini van", monthly payments would drop to about $300 , but this will be a 72 loan) . Doing this will get me cash back of about 4k from the equity in the Honda. I can use this money from the trade to make house payments and other immediate obligation.

Will this cause issues , should i choose to file in the next month if things don't get better.

Thank you

As long as you receive "reasonably equivalent value" for any asset transfer, the bankruptcy trustee cannot void the transaction. It seems as though you are simply trying to survive, not hide assets, so you should have no difficulties here.

 

Hope this helps.

 

Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

socrateaser and 3 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions