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  1. #1
    Join Date
    Jan 2008
    Posts
    3

    Default Selling Car To Pay Off Plan

    This case is in Ohio.

    I have a car that I put in with my bankruptcy when I filed over 3 years ago. I've got the permission to sell it for a total of $7,500 from the trustee. I only owe $5,000 on my plan. What I wanted to do was pay what I owed for just the car which is around $400 and have them send me the title then I would take $5,000 or what ever my payoff is to pay the plan off and keep the rest. Well, they won't let me do that. They want the entire $7,500 from the sell of the car before they will release the title. I thought the buyer would back out for sure but she really wants the car and is willing to give me the money up front and let me send her the title when I get it. So I'm going to get the $7,500 which I pretty sure I'll have to give 100% of it to the trustee. My question is will I get the extra $2,500 back since I'm giving them that much more than I owe on my plan? Any help is greatly appreciated!

  2. #2
    Join Date
    Jan 2008
    Location
    Alabama
    Posts
    114

    Default Re: Selling Car To Pay Off Plan

    Quote Quoting iwantfree
    View Post
    This case is in Ohio.

    I have a car that I put in with my bankruptcy when I filed over 3 years ago. I've got the permission to sell it for a total of $7,500 from the trustee. I only owe $5,000 on my plan. What I wanted to do was pay what I owed for just the car which is around $400 and have them send me the title then I would take $5,000 or what ever my payoff is to pay the plan off and keep the rest. Well, they won't let me do that. They want the entire $7,500 from the sell of the car before they will release the title. I thought the buyer would back out for sure but she really wants the car and is willing to give me the money up front and let me send her the title when I get it. So I'm going to get the $7,500 which I pretty sure I'll have to give 100% of it to the trustee. My question is will I get the extra $2,500 back since I'm giving them that much more than I owe on my plan? Any help is greatly appreciated!
    As long as the $5000.00 payoff you obtained was from the Trustee (they are the only ones who can give you an accurate payoff) then, yes... you will be given back any funds over and above what it takes to payout the remaining claims in your case. It can take a few weeks to get the money back though, often you have to wait until they disburse funds to the creditors which is sometimes only done once a month, and then you may have to wait until the Trustee files his/her final report and motion for discharge. The best person to talk to about this is your attorney, or call the Trustee directly.

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