Obtaining a new asset (car) before closure

[boomerkae]

Me again...
Refresher: I'm discharged; not closed, currently an asset case, and finally seeing some movement to determine if there will be assets or not (looking at property - land - value).

We need a new vehicle. My father is willing to gift an old truck to us as he is purchasing a new one. Can we title the truck in our name (gaining that asset) while we are still in an open case?

Thanks!

[justbroke]

Technically, yes. Any property that you acquire after you have filed, is not property of the bankruptcy estate. To avoid confusion, some will say to wait until the earlier of your discharge or the case closing. Since you're a quasi-asset case and your case could be open for a year or more, I would suggest that you just accept the vehicle. Your case is discharged and you should be okay to acquire new property.

I don't remember if you had an attorney or now.

[boomerkae]

Technically, yes. Any property that you acquire after you have filed, is not property of the bankruptcy estate. To avoid confusion, some will say to wait until the earlier of your discharge or the case closing. Since you're a quasi-asset case and your case could be open for a year or more, I would suggest that you just accept the vehicle. Your case is discharged and you should be okay to acquire new property.

I don't remember if you had an attorney or now.

Thanks! I do have an attorney, but he just went out on vacation (right as we are dealing with 14 day issues with the trustee). I like to start here as the folks here are generally faster, nicer, and easier to work with!

That's kinda what I felt was the deal, assets after were fine, but I needed to hear it from someone else before I go titling the car in my name!

[AngelinaCat]

Perhaps you can delay titling the truck until after closure, but pay your father the monthly amount of the insurance? Just a suggestion.