How EBay Can Help Your Bankruptcy
EBay is an online auction website where people and businesses buy and sell goods. You probably already know that. What you may not know is how EBay can help you during your Massachusetts bankruptcy.
First, EBay can help you adequately value your household property. The bankruptcy laws require that the debtor account for all personal property and make a good faith effort to accurately provide a fair market value. EBay can help you determine a fair market value for a unique item. In the bankruptcy world, a fair market value means liquidation value, or the price you may receive at an auction. Whatever you own, no matter how unique, you can probably find someone selling it through an auction on EBay.
Second, after determining a value for your property, you need to discuss how state and federal exemption laws can protect your property during bankruptcy. Most debtors do not have difficulty retaining all of their personal property during bankruptcy. However, in some rare cases a debtor may own property that far exceeds the available personal exemptions. The bankruptcy trustee may ask you to turnover any unprotected equity.
There is nothing wrong or illegal about pre-bankruptcy financial planning, so speak with your Massachusetts bankruptcy attorney before selling or transferring any property. If your attorney advises you to sell property, EBay can help you sell an item at a fair market value prior to your bankruptcy filing. Generally, your attorney will advise you to sell your property at a public auction, and use the proceeds for necessary family expenses. Again, speak with your attorney before selling any property.
Finally, even if you are able to exempt all of your personal property, you may need fast cash. Worcester and Framingham bankruptcy debtors are often cash strapped during bankruptcy, and EBay is a good way to sell personal items that are no longer wanted or needed.
If you are considering restructuring your personal finances through bankruptcy, call the Law Office of Robert W. Kovacs, Jr. toll-free at (877) 315-2641 before selling or transferring any property. We will provide legal and practical advice to help you make the best possible decisions for your financial future.