what happens if you gain property?

[Limitman]

What happens while I'm in a 13 and let's say my parents want to give me a used car that worth around $3000? They want me to title the car in my own name. Would that be considered gaining an asset and would I have to inform my trustee that I now own something new not listed in the bankruptcy? Or since this is post confirmation does it not matter. Thanks

[lrprn]

What happens while I'm in a 13 and let's say my parents want to give me a used car that worth around $3000?

You can receive gifts during Ch 13. There is nothing in the Ch 13 law that forbids this.

They want me to title the car in my own name. Would that be considered gaining an asset and would I have to inform my trustee that I now own something new not listed in the bankruptcy? Or since this is post confirmation does it not matter.

Titling the car in your name before your ch 13 might be a mistake. If your name is one the title, then you would become the legal owner of the car.

Your lawyer needs to check first before you do anything to make sure that your exemptions can protect the car completely.

Also if you become the legal owner of the car, it will become an asset and therefore your trustee would have to be notified.

It would probably be much simpler if your parents would retain the title and just allow you to drive the car until your 13 is over.

Contact your Ch 13 lawyer to get a sound legal opinion about the right way to proceed in this situation.

[Limitman]

Ok thanks for the info!