Question Property of Minor Child

[clamp]

I have a 17-year-old daughter... most of her belongings were given to her as gifts (tv, furniture, snowboard, etc)... and she has paid for most of her clothes herself.... should I list all her stuff on the property list, but list it as being held for a minor child... and also list it under #14 on the statement of financial affairs as Property held for another person.... ????

[DeadManCrawling]

Our attorney did not have us list anything for our 16 year old, as far as normal posessions. This included his TV, Xbox, computer, clothing, etc. The reason is: We are not actually in posession-HE is. Though he lives with us, these are HIS things and he is in posession.

THis may vary by district. We are Florida Middle.

The items we DID list are a trust account worth about 14k that we are holding for him until he is 18. Also, a home worth, even in the low market, about 200k. This is an inheritance from his father. In Florida, the home has homestead protection, for our son, and is thus protected from OUR creditors. This is not commonplace in other districts.

Generally, you would want to ask the attorney, especially if there are items the child owns that are of significant value. The rules on autos are also tricky, depending on district and how the car was purchased and is titled.

[OhioFiler]

I think you're putting too much effort into listing your assets. Don't worry about your daughter's stuff.

[whipster1]

Agree. Even a minor can own things. They are hers.

[clamp]

Thanks everyone.... that REALLY helps... cause other people I've talked to - NOT involved in bankruptcy - have given varied opinions... some saying, since she is a minor, technically her stuff is mine.... good thing for me - I HOPE - is that in Oregon a minor can legally have title and registration to a vehicle... I signed title over to her last year... unfortunately, she waited to take it to the DMV till 5-6 months ago... and because they were going to fine her $150, the lady just whited it out and had me re-sign and date it.... hope that doesn't come back to haunt me. thanks again... including her belongings would have put some of my exemptions over the top......

[DebtEnder]

The title transfer could be your issue. I assume no money changed hands during this? The TT could avoid the title transfer and take the car if you can't exempt it as though it were your own.

Transfers to family for less then market value is exactly what a TT is looking for when looking for stuff to liquidate.

[clamp]

I gave her the jeep for her 16th birthday, which I don't think is out of the ordinary...but yeah, I am worried about the fact that TT didn't happen until a year later.... other thing is, she sold it... no longer has it and hasn't replaced it.

[Flamingo]

You need to discuss all this with your attorney. Something like an automobile in a dependent child's name is not the same as her bedroom furniture. Best of luck to you!

[jribe]

I gave her the jeep for her 16th birthday, which I don't think is out of the ordinary...but yeah, I am worried about the fact that TT didn't happen until a year later.... other thing is, she sold it... no longer has it and hasn't replaced it.

this will almost certainly be an issue. You have to list this on your statement of financial affairs. How much did "she" get for the vehicle?
If you can't exempt that amount of money; expect the trustee to want the value of the vehicle back- unless you have a good lawyer.

The trustees are very interested in any transfers 1-2 years before filing.
Doing a title transfer for a paid off car 6 months before you file bankruptcy sounds fishy, and even more so that your daughter then sold it- and didn't buy anything else..

BWT- i'm not pointing fingers; just trying to let you see what objections could occur...