Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Thank you for your question.
Is the ATV paid off?
Thank you for providing that clarification.
Proof of ownership may not be enough. Being on title of a vehicle that is completely paid off, means that your father conferred an ownership interest with equity to you. This interest (more specifically this equity) is something that your creditors may attempt to attach to in order to recover any money that is owed to them. Even if your father were to prove that he paid for the entire vehicle, if the court is not inclined to let you off title that easily, he may be required to buy out your interest. This is a decision that will be left to the discretion of the bankruptcy court.
I am sorry.
Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.
There may be no "next step" to take. Your dad will not get an opportunity to go in front of the court. The situation will probably need to be worked out with your bankruptcy Trustee. Generally, the Trustee will be the one responsible for selling your assets. So, you should receive notice that your asset will be seized. Your next step may involve contacting your Bankruptcy Trustee to see if you have any options.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).