I have 3 cars in my name 1 husband 1 mine and the 3rd is my daughters. Anyway her car she bought off my sister n lawshe is on my insurance does not live with me. Was gonna have it transferred in her name. But this could look like fraud. Does anyone think they will take her car? Its the only 1 thats payed.
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From what I understand about the process, if the vehicle title is in your name, then transferring the asset could raise a red flag.Chapter 7 Filed: 04/21/2011, 341 Meeting: 05/31/2011, Report of No Distrubution: 06/02/2011, Discharged: 08/03/2011, Closed: 08/10/11 -
If you're going to be filing bk, do not transfer anything to anyone.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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Can they take the car? WorriedComment
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You will have some exemptions, so perhaps you can exempt the car. If not, there not coming to "take" the car. There are processes in which you would either attempt to "buy your car back" from the trustee or surrender it.
Do you have an attorney? Have your numbers been run? Are you worrying about something that you should not need to worry about (at least yet)?All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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Discuss this situation with your attorney. In cases where I have had this issue:
It is your daughter's car. So long as she can prove that she paid for it there should not be a problem. It is listed on Schedule B since you have "legal" title but the value is listed at $0.00 and you make a notation that you do not have an "equitable" interest in the vehicle as it was purchased by and belongs to your daughter but was placed in your name due to the cost of insurance (assuming that is why it was placed in your name). This strategy should work.
Des.Comment
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Thanks and no attorney yet. Been getting info not filing until end of DecComment
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