Stocks & House Repairs

[CAB in CA]

What is the name of your state?What is the name of your state? California

I posted a question a week or so ago re: converting stocks to an IRA and I understand I cannot do that.

I need to ask can I cash in the stocks and replace the furnace and central air conditioner that are 24 years old? I live with and in my mother's house and I have always paid for the major house repairs the past four years and have receipts to that effect. If I pay the repair person directly is this going to look like a gift to my mother? These two units do not have much life left in them.

We just had a $3600.+ car repair bill on a 1989 Toyota that has always been registered to my mother and she paid $2600. and I paid $1000. out of my checking account in the past several weeks. I do not own a car as mine was stolen in 2001 and I did not replace it. She is 84 years old and does not have a driver's license so the car insurance is my name with the vehicle registered to her and has been that way for around five years. Will I get into trouble for paying towards the repair bill?

Thank you for your help.

CAB in CA

[Ladynred]

I need to ask can I cash in the stocks and replace the furnace and central air conditioner that are 24 years old?

This you should be able to do as replacing the furnace and AC is a viable expense. If you are the sole caregiver for your mother, then I doubt a Trustee would question such an expense. Many of us are caring for aging parents, assisted living and nursing homes are just tooo expensive for most families to afford, even with Medicare and Medicaid to supplement things.

I would, of course, consult with a BK attorney to be sure that this would be ok to do.

[racer72]

My question is why would you spend $3600 on repairs for a 16 year old car when you could have purchased a much new car for the same amount? Doesn't make much sense to me.

[Ladynred]

I'd be willing to bet that the interest rate on another car would be a deal-breaker if the OP has tarnished credit.