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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15577
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I filed chapter 13 bankruptcy about 4 years ago and now I am

Resolved Question:

I filed chapter 13 bankruptcy about 4 years ago and now I am filing chapter 7 bankruptcy. I suffered a severe hand injury this year and could no longer drive the standard stick car that my mom gave me in 2012, so in July of this year I gave the car as a gift to my 19 year old son who works in Colorado Springs. Now the bankruptcy attorney is telling me that I was not allowed to give anything away within 4 years of filing. There is no loan against the car, as my mom bought it outright and gave it to me as a gift when my Grandparents died. It had been my grandparents' car and my Grandmother left a hand written note that if I needed a car after they had passed away that I should be given first chance at the car. Can they now take the car away from my son? I am being told that that is what will happen.
Submitted: 10 months ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 10 months ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

What is the value of the car?

WALLSTREETESQ :

Did you file bankruptcy already?

WALLSTREETESQ :

n Colorado, you can exempt up to $5,000 in equity in your cars, bicycles, or other vehicles. If you or your spouse or dependents are elderly (60 years of age or older) or disabled, you can protect up to $10,000 in vehicle equity.

WALLSTREETESQ :

If you file bankruptcy with your spouse in Colorado, you may double the motor vehicle exemption and protect up to $10,000 in equity in your vehicle or vehicles, or up to $20,000 if you and your spouse or dependents are elderly or disabled.

Customer:

The blue book value is $2,900. I have turned in the paper work for the bankruptcy but it has not yet been filed. So I am understanding that the car is exempt even though I no longer have it and gave it to my son. Is that correct?

WALLSTREETESQ :

It would be best to claim it as yours as well, but it would be totally exempt, unless you have another vehicle,

WALLSTREETESQ :

Since you gave it to your son,

WALLSTREETESQ :

you would list it as your property, and state that your son also was given the car, however if your hand gets better you will be able to use it,

WALLSTREETESQ :

this way the issue of the exemption would not come up,

WALLSTREETESQ :

I am not sure why your attorney did not advise you of the exemption

WALLSTREETESQ :

Either way it should not be an issue

WALLSTREETESQ :

Worst case they would have you pay the value of the car to the trustee, which means the trustee would accept a payment plan for the $2900

WALLSTREETESQ :

they would not take it back in most cases,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied with our service please provide us with positive feedback,

Customer:

The blue

WALLSTREETESQ :

yes

Customer:

Is there any reason for me to say anything to my attorney about the terms of the car or leave it as it is written, and not worry about this?

WALLSTREETESQ :

I would leave it alone,

WALLSTREETESQ :

it is your car, and you should list it as exempt,

WALLSTREETESQ :

since it was only given to your son, you can honestly claim rights to it,

WALLSTREETESQ :

and should claim the full exemption,

WALLSTREETESQ :

A trustee would not bother with it, if the value was significant, such as $30,000

WALLSTREETESQ :

and you gave it away to try to hide it from the trustee that would be clear fraud,

WALLSTREETESQ :

you are not hiding anything here,

WALLSTREETESQ :

You are fine,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask. If satisfied please provide us with positive feedback, so we can receive credit.

Customer:

Just to clarify, should my attorney list the car as my exemption? Does the fact that the title to the car has already been transferred into my son's name change anything?

WALLSTREETESQ :

He should list it,

WALLSTREETESQ :

the title is not important,

WALLSTREETESQ :

as it is your son and was a recent gift,

WALLSTREETESQ :

you can also retitle it to yourself as well or add your name if you wish

Customer:

Thank you. Your answer has been very helpful and has relieved a great deal of anxiety about this.

WALLSTREETESQ :

I would not worry this is a common issue,

WALLSTREETESQ :

if you do not feel comfortable add your name to the title as well,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied please provide us with positive feedback, so we can receive credit.

WALLSTREETESQ :

Thank you

Customer:

I already told my attorney that this was a gift and I am afraid it will be a problem if I now tell her it is still my property. I don't want this to be a problem with my credibility as far as this attorney is concerned. I am uncomfortable telling an attorney how they should handle my case.

WALLSTREETESQ :

I would have him list it and claim the exemption, you can tell the attorney you consider the car as a family car as it was from your grandparents, and when you can drive it you would have that right,

WALLSTREETESQ :

Or just add your name,

WALLSTREETESQ :

if you want to list it as a transfer and not claim any exemption,

WALLSTREETESQ :

the trustee may allow you to claim an exemption if you advise of of the fact it was your car,

WALLSTREETESQ :

and you added your son to the title, because you cannot drive it now, but may in the future,

Customer:

Thank you for clarifying this for me. Your answer has been very thorough. I understand now what I need to do..

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15577
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

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