Holding a title and bankruptcy

RLHILLIARD · 07-30-2008, 11:19 PM

I bought my son a ATV two years ago and held onto the title, I still have the title but now I need to
go bankrupt what should I do. The attorney that I have says that if I have some sort of paper from him
showing that he has purchased the vehicle there wouldn't be a problem?

Qtip · 07-30-2008, 11:21 PM

Welcome to the forum, I moved your post to a forum that I think is more appropiate for your question.

Thanks

Enigma · 07-30-2008, 11:48 PM

We can't tell you what to do, except to get another opinion.

The BK Trustee is going to see an asset that can be sold to pay creditors. If you transfer title or sell the ATV so close to filing it could construed as a fraudulent transfer.

Loan Doctor · 08-05-2008, 11:03 AM

I am going to send this to a BK attny friend of mine to confirm what I have been told in the past.

Any transfers/payoffs/etc within 90 days of filing have to be listed and considered part of the assets. For instance, if you pay a creditor and then the next day file bk, the creditor may be required to return the money, etc.

Charles

Loan Doctor · 08-07-2008, 10:21 AM

My Attny friend wrote:

if the gentleman can show his son made payment to him and/or had to have the title in his name for insurance purposes, then yes it is possible, BUT the Trustee is the last say in the matter and the attorney should contact the trustee. He holds all the cards, we'll say.