selling car before filing

[jimbo367]

Married filing separately, I'm in one state, but wife has a drivers license in another with a local address.

If I sell the car to her and she registers it in that state and use the money for household expenses how do I report where the $$ went or do I need to?

the car has no loan, worth about 10K

Does a trustee check DMV for cars owned v declared?

I know its a bit in a grey area not declaring the asset but how the heck could they trace it?


Jim

[newbie2]

Married filing separately, I'm in one state, but wife has a drivers license in another with a local address.

If I sell the car to her and she registers it in that state and use the money for household expenses how do I report where the $$ went or do I need to?

the car has no loan, worth about 10K

Does a trustee check DMV for cars owned v declared?

I know its a bit in a grey area not declaring the asset but how the heck could they trace it?


Jim

Not a bit of a grey area at all, it is black and white. You are talking about transferring an asset to someone else prior to filing bankruptcy. $10,000 in asset would be quite juicy for a trustee unless you can exempt it. You really want to try that?

[dneil]

yes, the trustee checks the dmv. Our trustee had a computer with full access to all titles, bonds, stocks, property owned. They know everything. They can see everything. You must be honest. If they catch you in a lie, the result is very bad. I suggest you talk with your attorney and after finding out where you are as far as allowable assets, then perhaps make that decision, but with your attorney guiding you.

Are you selling the car to get money to pay bills? Or are you trying to hide an asset? I believe you are allowed to keep one car.

Check with your attorney.

[keepmine]

I agree with the previous 2 posters.
I'd also strongly suggest that you not involve family or friends in your bk.
If you sell the car, sell it to a stranger and spend the money down prior to filing.