Hello,
I want to sell my old 1993 car, since we only need one car now. I will use the money to pay off most of my credit card that was used for the car.
I know that the sale of the care would fall in the lookback period if I declare bankruptcy before my home forecloses. However, it my records also show that it was applied to the c.c., then I figure the trustee wouldn't object to that.
I only have 4 loans: My primary mortgage, my heloc second, my credit card I just mentioned for the car, and a primary mortgage on a second home in another state (upside down, but we want to keep it).
My question is: If I pay off the credit card and do not include the other home in the Bankruptcy (keep paying on it), would the Trustee count the two loans on the foreclosure home as one loan and say we are trying to just bankrupt one company (I know that is a no-no). One of the loans is a FreddyMac by Wells Fargo Home Mortgage and the second HELOC is Wachovia now owned by Wells Fargo. The FreddyMac makes them two separate loans, if you know what I mean.
I think I may have a buyer for the car. He is suppose to bring his money July 1. That's why I need to know.
If our short-sale fails, we'll have to look seriously at the bankruptcy. I've been resisting, because we are insolvent and both will be on social security in a few more months. Don't know if bankruptcy is necessary, but not sure.
Thank you so very much for any help I can get.

