Can I hide anything?

[VerySad]

When I file for Bankruptcy, is it a good idea to give my son all my money and sign the vehicle over to him? Will they go after my son for payments, he is fully grown living with us making 35k a year. But his money does not go to us except a few hundred dollars a month.

[hard2tell]

Do not give anything away prior to filing.

[SunshineGal]

No, if you sign over your assets to your son the trustee will just reverse them as a fraudulant conveyance. I took a quick look at the Nevada exemptions and they seem to be pretty generous. The one thing to watch for is any life insurance proceeds as they are generally property of the estate. I'm really not sure how that will play out under your circumstances, but be sure to ask the attorneys about that. Your sons contributions to the household will also have to be counted in the income on the means test, so you may want to ask the attorney about that as well.

I wish you the best of luck, try not to stress too much about BK right now and enjoy what you can with your husband as health should always come first.

[discouraged]

Only if you want to either get the case thrown out for fraud or go to jail because of it.

Seriously - this is not something to take lightly. Talk to a lawyer. Bankruptcy is a serious business and not to be taken lightly or to try to defraud in any way.

[clevelandmom]

Verysad, I am so, so sorry about your situation. My heart is breaking for you. Please do yourself a favor and make a few phone calls - right now. You will feel so, so, so much better once you have spoken to an atty. Do you have any friends that you trust that you could ask to refer you? If not, call the bar association. Once you have spoken to an attorney, you will be able to have a course of action and you will be in much better control of your situation. I don't know you but right now I can almost feel you spinning out of control (and I would be too!). There are attorneys out there to help you through this. Find one, and of course, stick with us. We'll get you through it. ((((hugs!!))))

[jcj112562]

To add to the above answers...Hell hath no fury like a trustee who has things "hidden" from them...they are none too keen on accidental non-listing of assets, let alone the purposeful conveyance of assets elsewhere in order to avoid having them included in bankruptcy. NOT a good idea...

John

[nekom]

When the 341 meeting comes, the trustee will ask you, under oath, if you have transferred any assets recently. You're not going to want to be in a position where you are lying to a federal bankruptcy trustee under oath. Nothing good can ever come of that.

[scorpion35]

When I file for Bankruptcy, is it a good idea to give my son all my money and sign the vehicle over to him? Will they go after my son for payments, he is fully grown living with us making 35k a year. But his money does not go to us except a few hundred dollars a month.

don't unless u want to go to jail,or have your case thrown out

[frogger]

Can you hide things? Sure you can! Just remember this advice that was in an above post:

To add to the above answers...Hell hath no fury like a trustee who has things "hidden" from them...they are none too keen on accidental non-listing of assets, let alone the purposeful conveyance of assets elsewhere in order to avoid having them included in bankruptcy. NOT a good idea...

You can hide things, you can rob banks, you can evade taxes, and more. You can do anything that your morals and ethics will allow for you to do.

Just because you can doesn't mean that you should.......