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Law Girl
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Category: Bankruptcy Law
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I have filed Chapter 7 bankruptcy, and I just had my ...

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I have filed Chapter 7 bankruptcy, and I just had my meeting of the creditors. Come to find out, my dad had put my name on an ATV he had purchased, so in case of untimely death it would go to my family. I have never had possession or used this ATV. It isnt even being used or stored near where I live. My name is XXXXX XXXXX title along with his. He paid for it in full, and he has proof that he was the one who paid. The guy in charge of the meeting of the creditors hearing says that he is going to pursue getting possession of the ATV nonetheless. Is there anthing he or I can do to fight this? It seems really unjust to him. Thank you.

DearCustomer

Thank you for your question.

Is the ATV paid off?

 

Customer: replied 8 years ago.
Reply to Law Girl's Post: Yes, he entirely paid it off. He is pending disablity and used his retirement money to pay for it. He has a large property and uses the atv to get around. He does have proof that he is the one that paid for it though.

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.

Good Luck!

-KAT

Customer: replied 8 years ago.
Reply to Law Girl's Post: I understand that its at the courts discretion. My question was actually in regards XXXXX XXXXX for us to take. I dont fully understand the process of them taking possession of the ATV. Does my dad get an opportunity to go in front of the bankruptcy court and plead his case? Is there paperwork that we need to file in order to get another hearing? Will they contact us before they try to take possession in order for us to respond to that? In a nutshell, I just want to know what the best step for us to take next is. Thank you so much.

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.

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