Need advice about how to correct a bad decision concerning assets

[marmaduke]

Hello all,
First time poster but I have been reading the site profusely. I wish I had found this site long before I made poor decisions.

My first question is regarding having purchased a vehicle on unsecured credit (two sources) and putting the vehicle in a family member's name less than 6 months ago. I know that was stupid and more, but nevertheless it is done. I have not filed BK and I don't know when and if I will but I need to remedy this prior to any future BK action. I want to get this vehicle back in my name and not put my family member in a position to have to lie or perjure themselves for my actions.

My question is: What is the best way to transfer this vehicle back to me and to protect my family member from inquiry should I have to file BK?

Marmaduke

[justbroke]

You may want to ask an asset protection attorney and/or bankruptcy attorney in your area. It really depends on how you "transferred" the vehicle. Did you buy it and just title it in their name, while you drive and otherwise use it as the owner? If so, they can just transfer it back to you (re-title) by gifting it back for $1 (based on your State's underlying motor vehicle laws). You really should ask before meddling with the assets because, as you are aware, "fraudulent" transfers to family members (and friends) is something the Court looks for.

Remember, the Trustee isn't after your family member. The Trustee is after the asset. If it was always yours and always in your possession, then you just titled it differently. As for any implications as to hindering, delaying or defrauding other creditors... I can't answer that.

[marmaduke]

You may want to ask an asset protection attorney and/or bankruptcy attorney in your area. It really depends on how you "transferred" the vehicle. Did you buy it and just title it in their name, while you drive and otherwise use it as the owner? If so, they can just transfer it back to you (re-title) by gifting it back for $1 (based on your State's underlying motor vehicle laws). You really should ask before meddling with the assets because, as you are aware, "fraudulent" transfers to family members (and friends) is something the Court looks for.

Remember, the Trustee isn't after your family member. The Trustee is after the asset. If it was always yours and always in your possession, then you just titled it differently. As for any implications as to hindering, delaying or defrauding other creditors... I can't answer that.

Thanks for the response justbroke!

To clarify, I did pay for the vehicle (a trailer) but the sale and title was put in the family member's name. I have always had possession and have had the use of it. In my state, gifting from a family or friend is allowed without any monetary exchange as long as there is proof that the sales tax has been paid, which it has. No moneys will be exchanged if it is gifted back and I can transfer the title to my name. If I can get through the rest of the obstacles ahead and decide to file BK then the Trustee can have it if I cannot exempt it. I have many things to consider but that is for other threads... Thanks again.

Marmaduke