Will the Trustee take my sons car?

[tshrews]

I transferred the title on a 2007 Nissan (value of approx $7K) into my sons name a few months prior to filing for bankruptcy. The car has been paid off for a couple of years & has always been my sons car (he did not make the payments as it was a graduation/birthday gift). I had my 341 meeting on 12/22 & the Trustee did not have any questions about the transfer or about the car itself (the transfer is disclosed in my SoFA). The attorney (just an attorney that sat in for my real attorey) told me after the meeting that the Trustee having no questions about it means there is no interest in seizing it to pay creditors.

Does anyone have any input on whether that seem like accurate information, or is it possible/probable that the Trustee will still come back & take the car, & if the Trustee does decide to seize the car, when & how would I be notified. I have also asked my attorney these questions, but no answer so far.

All responses are appreciated!

[free2breathe]

I'm thinking that if the trustee had a question about that transfer, he'd have brought it up at your 341. I think I'd trust the attorney on this one. Did you have any other assets? If not, you can check PACER and see if their is "Trustee's Report of No Distribution" there. When that pops up, you'll know the issue with the car is moot.

[despritfreya]

While a Trustee will normally inquire, he is not required to bring up the issue at the 341. It is a good sign that nothing was mentioned but do not just assume it is all over. As f2b states, you need to wait until the Trustee closes his file.

Des.

[tshrews]

Thanks for the replies - I'm just going to settle in & wait.

[tshrews]

Just a quick update - Report of No Assets - No Funds was posted on PACER yesterday. Seems like they aren't going to take the car, but I'll let everyone know what happens in the end.

[rustymich]

How did you get to PACER did/does it cost you to use it Id love to be able to monitor my case..How did you make out??

[LadyInTheRed]

How did you get to PACER did/does it cost you to use it Id love to be able to monitor my case..

http://www.bkforum.com/showthread.php?57204-The-Ultimate-PACER-Guide-amp-Tips

[CCC]

Are you filing 7 or 13?

[AMISLANDER]

I transferred the title on a 2007 Nissan (value of approx $7K) into my sons name a few months prior to filing for bankruptcy. The car has been paid off for a couple of years & has always been my sons car (he did not make the payments as it was a graduation/birthday gift). I had my 341 meeting on 12/22 & the Trustee did not have any questions about the transfer or about the car itself (the transfer is disclosed in my SoFA). The attorney (just an attorney that sat in for my real attorey) told me after the meeting that the Trustee having no questions about it means there is no interest in seizing it to pay creditors.

Does anyone have any input on whether that seem like accurate information, or is it possible/probable that the Trustee will still come back & take the car, & if the Trustee does decide to seize the car, when & how would I be notified. I have also asked my attorney these questions, but no answer so far.

All responses are appreciated!

My experience with this transfer issue: I transfered title of my paid off vehicle over to a parent due to an outstanding loan. This happened a year prior to filing my bk. My attorney told me that if you transfer title of a vehicle within a year or so of filing for bankruptcy, it's a good possibility that it looks like you're giving an asset away & the bk trustee may want a piece of that vehicle's worth. Mine was figured between $5 & $10K at the time. I ended up giving my tax return to the trustee to keep my vehicle.

[Nufsayd]

I purchased a car for my son in 2007 when he graduated from high school...no car payments...and I have the title. Fast forward to this year...I had been thinking of putting the car in his name now that he is 22..has a job and goes to school. In September I went to DMV to do just that and was informed that I need to do a couple of things prior to putting in his name (ie. sign title over...sign paperwork gifting to him, etc) Mind you at this time BK had not crossed my mind....

So I told my attorney about it and she indicated to me...that we could probably use my exemptions (now $6000 for a car - changed in July I believe) and he would be able to keep it. I really was nervous about this....as I didn't want him to lose the car I purchased for him...because of me filing BK.

[despritfreya]

So I told my attorney about it and she indicated to me...that we could probably use my exemptions (now $6000 for a car - changed in July I believe) and he would be able to keep it.

This would be correct assuming you did not change the title. You would claim it as your vehicle and utilize the exemption you are entitled to.

Des.