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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I filed personal bankruptcy last June, it was discharged in

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I filed personal bankruptcy last June, it was discharged in October 2012 but the final discharge has not been issued yet. One of the exemptions was a 1953 Chevy P/U that I valued at $6,000. After the discharge I did some restoration work on it and sold it this past weekend for $12,500. Is there a problem doing this? I sold the pickup to buy a motorcycle for about the same amount. Is there a problem doing this?

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

What matters is the value of the asset at the time you filed your Bankruptcy.

cfortunato :

The Bankruptcy court cannot look at the value of your truck now, after you restored it. They can only look at what the truck was worth when you filed your Bankruptcy - $6,000.

cfortunato :

Additionally, if the truck was exempt when you filed, then you have the right to do anything with the truck - including selling it - regardless of what you did with the proceeds of the sale.

cfortunato and other Bankruptcy Law Specialists are ready to help you

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