My issue is that the lien was satisfied just before my bk was filed. I have complete ownership of the vehicle now and will NOT be making payments anymore, nor did I list it in the statement of intentions, because it is no longer property securing a debt...
The lien was satisfied about 5 days prior to filing.
The paid off loan seems like it would be considered a closed account.
Here is the code which specifies what transfers teh trustee may not avoid. Sorry its so long...Can anyone translate something in here that applies to my situation:
(c) The trustee may not avoid under this section a transfer -
(1) to the extent that such transfer was -
(A) intended by the debtor and the creditor to or for whose
benefit such transfer was made to be a contemporaneous exchange for new value given to the debtor; and
(B) in fact a substantially contemporaneous exchange;
(2) to the extent that such transfer was -
(A) in payment of a debt incurred by the debtor in the
ordinary course of business or financial affairs of the debtor
and the transferee;
(B) made in the ordinary course of business or financial
affairs of the debtor and the transferee; and
(C) made according to ordinary business terms;
(3) that creates a security interest in property acquired by
the debtor -
(A) to the extent such security interest secures new value
that was -
(i) given at or after the signing of a security agreement
that contains a description of such property as collateral;
(ii) given by or on behalf of the secured party under such
agreement;
(iii) given to enable the debtor to acquire such property;
and
(iv) in fact used by the debtor to acquire such property;
and
(B) that is perfected on or before 20 days after the debtor
receives possession of such property;
(4) to or for the benefit of a creditor, to the extent that,
after such transfer, such creditor gave new value to or for the
benefit of the debtor -
(A) not secured by an otherwise unavoidable security
interest; and
(B) on account of which new value the debtor did not make an otherwise unavoidable transfer to or for the benefit of such
creditor;
(5) that creates a perfected security interest in inventory or
a receivable or the proceeds of either, except to the extent that the aggregate of all such transfers to the transferee caused a reduction, as of the date of the filing of the petition and to the prejudice of other creditors holding unsecured claims, of any amount by which the debt secured by such security interest exceeded the value of all security interests for such debt on the later of -
(A)(i) with respect to a transfer to which subsection
(b)(4)(A) of this section applies, 90 days before the date of
the filing of the petition; or
(ii) with respect to a transfer to which subsection (b)(4)(B)
of this section applies, one year before the date of the filing
of the petition; or
(B) the date on which new value was first given under the
security agreement creating such security interest;
(6) that is the fixing of a statutory lien that is not
avoidable under section 545 of this title;
(7) to the extent such transfer was a bona fide payment of a
debt to a spouse, former spouse, or child of the debtor, for
alimony to, maintenance for, or support of such spouse or child,
in connection with a separation agreement, divorce decree or
other order of a court of record, determination made in
accordance with State or territorial law by a governmental unit,
or property settlement agreement, but not to the extent that such
debt -
(A) is assigned to another entity, voluntarily, by operation
of law, or otherwise; or
(B) includes a liability designated as alimony, maintenance,
or support, unless such liability is actually in the nature of
alimony, maintenance or support; or
(8) if, in a case filed by an individual debtor whose debts are
primarily consumer debts, the aggregate value of all property
that constitutes or is affected by such transfer is less than
$600.
