Car problem with 341 next week?

[VictorK21]

Our 341 is next Wednesday... I had my late father's 1997 Lincoln Town Car that I've been driving, but it is still in his name, as I was waiting for some documents (copy of license, insurance papers) to come back from NY before I could register it in my name here in North Carolina. I thought I would have them by now, which is why I listed the car on my bankruptcy. Now that it's looking more and more like I won't have it registered by next week, what should I do? Do I amend the schedule and show them the title to the vehicle, showing that I haven't registered the car?

Any advice is greatly appreciated, thanks.

[AAAArt]

This may not be the correct "legal" answer, but it's what I would do under the circumstances. I would just wait until the 341 next week and when the Trustee asks if everything is true and correct and/or has anything changed, then I would explain the situation.
Please don't take my opening sentence to mean that I think it is a "less than totally legal" answer, I just don't know.
To be honest, you must find a way to get it on the table with the trustee I just doubt the effectiveness vs, risk ratio of filing an amendment at this time as crowded s the courts are.
You should ask your atty, but I doubt that you have one who is available since you posted the wuestion here. You could also phone the court house and ask the Bk court clerk.
Hope everything works out well.

[VictorK21]

I called the courthouse, and the clerk said I should contact a lawyer... I don't see why I would need one, I'm just asking what protocol I should follow... How much of a hassle would it be for an amendment? I don't want anything to blow up in my face after waiting so long.

[AAAArt]

VictorK, I am going to have to make some assumptions here and once you respond to these, maybe some more people can chime in and help.
1. The car is in your father's name,,,you said that.
2. It is being transferred or sold to you. Which?
3. There is no loan on the car. Or is there? (If so, who's name is it in?)
4. You have claimed the car as an asset???
5. Will you be making payments on it? Were they listed?
I'm asking all of this because I'm confused. If it is not something which you currently own, then you can not seek relief from payts., but you would also not need to list it as an asset. Why and how did you list it?
The problem is that now that you have listed it, to file an amendment and take it off, could raise a red flag.
I'm certainly not meaning to criticize you. If I sound nasty or nosy, I apologize. There is just not enough info for us to really be able to help you other than to say "be honest" Also, go in w/ the KBB trade-in value for the car in case the trustee wants verification on the value. Best wishes, Art

[VictorK21]

Art, I certainly appreciate your time to help and provide advice...

The car is in my father's name, and it's going to be transferred to me... There are no liens on the vehicle... The reason I claimed the car as an asset was because I figured that my paperwork from the New York DMV would have been here by now, so that I could put the car in my name, since the insurance is due to run out. I figured that I would be in some trouble if I filed as having no vehicle, and then later on, it turns up that I have a 1997 Town Car in my name.

I'm wondering if there's a way to e-mail the Trustee who is assigned to my case and advise them of the situation...

Thanks again, Art, it's definitely appreciated. I took no nastiness or anything from your comments...

[StaciMM]

Victor-

I think it would have been worse if the opposite had happened. (If you didn't claim something that you did own.)

I'm assuming you claimed expenses for the vehicle, such as gas, maintenance, insurance, etc. If you can show that you are paying those expenses, it should not be a MAJOR issue. Technically you should not have listed it as an asset since you didn't 'own' it at the time of filing. It would be a good idea to amend your schedule of personal property, but I don't think it will be the end of the world if you don't. You can explain to the trustee at your 341 that your father is giving you his vehicle, and you have not yet received the paperwork needed to title it in your own name.

[VictorK21]

How would I go about amending it? Would it push back my date for the 341?

Thanks again for your replies. You guys (and gal) are great.

Also, would I have to show a copy of the death certificate or something to show that he indeed did pass away, and that's why the car ownership is being transferred?

[AAAArt]

How would I go about amending it? Would it push back my date for the 341?

Thanks again for your replies. You guys (and gal) are great.

Also, would I have to show a copy of the death certificate or something to show that he indeed did pass away, and that's why the car ownership is being transferred?

Your 341 is Wed. the 9th of Nov., correct? As it is that soon I wouldn't try to amend it. By claiming it before actual transfer or title, you may be pushing the "letter" of the law, but you certainly are showint an open disclosure to the "intent" of the law. As Staci stated, it would have been far worse to do it the other way around.
I saw all of the possible schedules and forms listed somewhere on the net recently. I think it might have been under my state's Bk court system.
If you can find it and file it in time, it shouldn't change the date of your 341.
What might happen however is that it would raise a question w/ the trustee and and she/he might ask you to bring in the paperwork after it's done and thereby delay things. I. personally think you're better off being where you are and just explaining to the Trustee that the paperwork is still going through probate or whatever.
I don't think that you would have to show a death certificate. Remember...They are looking for things you "hide", not things you overly disclose. That said, be ready for questions re: anything else you inherited or are about to, such as life insurance death benefits.
Sorry to hear about your Dad. You're under quite a bit if stress and grief. Bk is a form of grief also. You only have a few more days and it will be over. Get out this weekend, walk, go somewhere, see a movie...do something out of the ordinary and get your mind off of things for a while. I'm sure that everrything will be fine.
You have done the honorable thing and willingly claimed an asset which was not quite legally totally yours yet. So, why would that send up red flags with the court. Seems to me that more likely they'll give you gold stars.
Hang in there for a few more days and take care of yourself. Art

[VictorK21]

Thanks very much... I really appreciate your help and concern... Yours as well, Staci! I believe I will just bring the title that is in my father's name with me to the 341 meeting next Wednesday, and advise the trustee that the paperwork that I need to put it in my name has not come in as of yet.

I will keep you apprised of the situation. Thanks again!!!

[StaciMM]

Keep in mind that family can give you anything they want to. Its not an unusual move, actually, for someone in BK to take an older vehicle from family/friends to save $$.

[quest42]

Will this be an exempt asset?

Filing amendments now, with the huge backlog in the system, may not be a good idea -- and you have valid explanations for all the facts, right? Unless I have misunderstood something, you will have title in your name, before your scheduled discharge date, anyway, yes? So what you disclosed in your filing does not really change the bottom line - ultimately - by then?

Be prepared to give explanations at your 341 meeting, and bring whatever documents you can.

[VictorK21]

You are correct... Once I get the paperwork and my documents from New York, Iwill be putting the car in my name... The vehicle will be exempt, as my wife and I can use our $1500 auto exemption.