Spending cash assets for repairs prior to bankruptcy

[rdrector]

What is the name of your state (only U.S. law)? Maryland. Lost job 2 months no income, etc. etc. Ok, placing home with 1st and 2nd on market, short sale for 2nd. Bankruptcy is mostly likely unavoidable afterwards especially if 2nd on the short goes after the indifference on the sale. I have a vehicle with clear title worth book @ 21-24k. I believe this will be an asset in which the trustee would seize being other property items and little cash I have would want to be retained. If I sell the truck now, can I use some or most of that cash to perform repairs on the home that is for sale to assist in its sale, and also light repairs (tires) for my car(no equity) which does have a lien that I would want to retain after the bankruptcy? Also, is it true I can place some cash into an IRA without worry?

 

[FlyingRon]

Frankly:

1. You should keep all these questions in the same thread so we don't lose the context.
2. If you are going to file bankruptcy, you need a lawyer for these decisions. All such transfers need to be reported even if they aren't fraudulent.

I don't see anything wrong with the two things you mentioned, fixing up the house or contributing (up to the otherwise allowable limits) to your IRA. But you really should run all the things you intend to do with non-exempt assets by an attorney before you do them.