Just wondering if anyone has any experience/advice -- Brief background -- we've retained an attorney and plan to file Chapter 7, no asset, in June/July (waiting for OT to fall off 6 month look-back, and protect our tax refund). We quit paying all unsecured debt Sept./Oct. 09, and have referred all collection calls to our attorney. Things have been very quiet now for 2-3 months. (I emailed our attorney about this, but in the meantime, thought I'd see if anyone on the boards had any experience with this) Anyway, our daughter just turned 16, and grandma has offered to buy her a cheap car ($1,000) to drive to school & part-time job. I'm assuming the car will be titled in our name, not grandmas. And, we'll be carrying the car insurance too. Is this going to be a problem with anything? Any advice is greatly appreciated.
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Why wouldn't the car be titled to you daughter? My first beater when I was 16 was titled and insured by me not Mom & Dad. You can always pay her insurance but why not in her own name?
I wouldn't be putting any additional paid off property in my own name before filing...unless you know for sure that it falls within your exemptions. -
If its in your name it becomes your asset unless you can prove you did not pay for it. The same happened to me, my daughter bought her own car and we titled in my name to save on insurance costs. Just before I filed, my lawyer had me get it out of my name and get a copy of "her" check. At the 341 the trustee asked alot of questions about the transfer, but was satisfied with a copy of the check proving she paid for it.
Also, if it only $1000 maybe you can exemt it, I did not have any left over to protect her car.Comment
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