Take name off car title 6 months before filing?

[rogue22]

My wife and plan on filing ch.7 in about 6 months. We have been advised to wait by our attorney due to a small inheritance thats being rolled over into an annuitty. My concern is that we have pending lawsuits and im worried that they can repo our car. The title is in both of our names and it has a lien on it from a family member that we borrowed money from (advised to this by our lawyer for other reasons). The first lawsuit that im concerned about is against me and could possibly reach a judgement within the 6 months that we need to wait. The other lawsuit im not worried about, I can delay that one long enough.

So my question is, should I take my name off of the title of the car so that the creditor cant repo our car? There is still a few months of time before they would be able to get the judgement.

[frogger]

so my question is, should i take my name off of the title of the car so that the creditor cant repo our car? there is still a few months of time before they would be able to get the judgement.

No.

[SunshineGal]

Listen to Frogger....do NOT take your name of the car. That is what they call transferring assets to the detriment of the creditor.

Now, two things come to mind. First, and most important...how is the car titled? Not the registration, I'm talking the actual title on the car. Does it say Mr. AND Mrs. Rogue, or does it say Mr. OR Mrs. Rogue?

If it states *AND*, and no form of ownership was elected, other than Husband and Wife or tenancy by the entireties, than your car could be completely protected from creditors. But, this is a simple one to mess up, I did, and knew better! So, if it says *or* than you technically own half the car and your wife owns the other half. The chances of the creditor paying all the money to repo your car knowing they would have to pay off the lien and also the wife are probably slim to none.

Spend some time researching tenancy by the entireties, but remember it only applies if you don't have any joint unsecured debt.

[HHM]

This assumes your state allows tenancy by the entirety, many do not, or limit it to only real estate.

But as was previously stated, if you take name off of title, that is fraud indicating an explicit intent to hinder and evade known creditors from getting at assets...very bad thing to do.

[rogue22]

Wow, very interesting sunshinegal..

It states mr OR mrs., it was suppose to be AND when we purchased the car but when the title came in the mail, it was listed as OR.

This car is the only thing that they could take from me really... Im not worried about garnishment of wages since my unemployment is about to run out in 2 months anyways.. Very little money in my bank account.. what else could they take?? The only thing im a little concerned about is my AR-15 Rifle (estimated at $500) that I used their credit card to purchase 2 years ago. But thats not really a big deal to me if they want that back.

Hopefully I can delay it for 6 months and not have to worry about any of this.

[frogger]

Wow, very interesting sunshinegal..

It states mr OR mrs., it was suppose to be AND when we purchased the car but when the title came in the mail, it was listed as OR.

This car is the only thing that they could take from me really... Im not worried about garnishment of wages since my unemployment is about to run out in 2 months anyways.. Very little money in my bank account.. what else could they take?? The only thing im a little concerned about is my AR-15 Rifle (estimated at $500) that I used their credit card to purchase 2 years ago. But thats not really a big deal to me if they want that back.

Hopefully I can delay it for 6 months and not have to worry about any of this.

An AR-15 valued at $500.00???????

I'll take a couple hundred of them at that price.

[rogue22]

its a lower named brand and its used.. stripped down version. Only paid 800 brand new.

[momofthree]

If your vehicle has a lien against it, then a creditor getting a judgment will have to pay off the loan held by the lienholder. I can almost guarantee that no creditor is going to go to the expense of repossessing an encumbered vehicle.

[AngelinaCatHub]

Wow, very interesting sunshinegal..

It states mr OR mrs., it was suppose to be AND when we purchased the car but when the title came in the mail, it was listed as OR.

This car is the only thing that they could take from me really... Im not worried about garnishment of wages since my unemployment is about to run out in 2 months anyways.. Very little money in my bank account.. what else could they take?? The only thing im a little concerned about is my AR-15 Rifle (estimated at $500) that I used their credit card to purchase 2 years ago. But thats not really a big deal to me if they want that back.

Hopefully I can delay it for 6 months and not have to worry about any of this.

PM me about what you wish to do with that asset. I have one and my bro would like one. This asset could be turned in to exempt items such as food and clothes, etc. 'Hub

[SunshineGal]

This assumes your state allows tenancy by the entirety, many do not, or limit it to only real estate.

Oops...sorry HHM, I should have been more clear in my post. I saw the state listed as Florida and didn't clarify the fact it was State VS. BK law. But yes, Florida is a TBE state for not only real property, but all personal property. Again, it gets tricky and there are loopholes, anyone planning on using it in Florida really needs to do their research or have a good attorney.