Gifted a parts car, need to file ch7 soon

[tinfoilhat]

I plan on filing chapter 7 soon. The only problem is I gave away a parts car but the book value would be $6000 to $8000 if it was in good running order.
I gave it to my father who may get it running someday.

But as I understand it, giving a car away is giving a car away. Only questions asked will be year make model, then they look in their book for it's value.

What if they like the book value and want the car, come and get it and see it's only worth scrap? Will I owe what they thought they'd get? Or what else might happen?

I'm in Florida.

[justbroke]

This is so dependent. Do you have evidence of the condition of the vehicle when you gave it away as "scrap"? Without that, who is to say that you didn't actually give your dad a car worth $6K to $8K? The Trustees are very particular about transfers of property and may undo that transfer.

Did you get a salvage title for the vehicle? Is it titled at all? If it is titled, to whom is it titled? All these will be big things for the Trustee.

[tinfoilhat]

No, I have no evidence of it's condition at the time of the transfer.
It was titled in my name, now it's titled in his name.
I guess I should have kept it in my name, but I wasn't thinking. I'm looking at a vehicle, they will be looking at papers.

It would still look suspicious if I still owned the car and they expressed interest in it and came to take it I guess. I have no proof of anything. I bought it as a parts car and used a few things off it.

I see what you're saying, they don't know if I stripped it to reduce it's value for the bankruptcy and plan to put it back together afterward.

Seems I was in trouble whether I gave it away or not.

I still need to get a consultation. I've been reading as much as possible, seems I'm 100% ready and able to file except for this.

[tinfoilhat]

Is there an amount of time I may have to wait?
Any ideas?
I've read anything from 90 days to 4 years. I guess I'll ask the lawyer I consult with, but I'm preparing for the awkwardness of such a question.

[eddiep]

Do you have proof of what you paid for it? Was it ever registered or insured in your name? does it have a salvage title? Did you use the parts on another car that you own? If I were a trustee (and I am not) the answers to these questions would help me decide whether or not it has always been a "parts car". These may be the some of questions you may have to answer and prove.

We own a truck that is junk, the engine is blown. I guess we will have to get a written estimate on the cost of replacing the engine. Which stinks because we will have to have it towed to and from the shop.

[tinfoilhat]

The only proof of what I paid for it would be on my title transfer reciept. I know I have that and I know I paid under $500 for it. It does not have a salvage title.

I used the parts on a car I used to own, I can't think of any proof that I actually did. I have a ton of car pictures, for example a car I bought incomplete and restored it back to good running condition. I have no proof of where the parts came from, even the local salvage yard here where I purchased a lot of parts from don't give reciepts unless you ask, and even at that they look homemade (very generic forms).

And heres one weird catch, it was registered and insured once. Our city has a strict code saying you cannot have vehicle on the property without a license plate. (it does look like it's in running condition from 20 feet away) I had to bite the bullet on that one and get a tag on it for a few months until I could store it "out of site" And of course you can't get a tag without insurance.
(basically behind the house and covered so they couldn't see it)

[justbroke]

TOur city has a strict code saying you cannot have vehicle on the property without a license plate.

Probably one of those cities that charges an excise tax each year on every vehicle "registered" in the city. That's how they make more revenue.