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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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bankrupcy need to fle but need to put my car in my ...

Resolved Question:

bankrupcy: need to fle but need to put my car in my daughters as the value is about 15,000 is tht a problem? i am 73 retired on ss only.
Submitted: 9 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 9 years ago.

Hello,

Thank you for your question. I am happy to assist you.

It would be considered a fraudulent transfer to put the car in your daughter's name.

The bankruptcy court would void the transfer and consider the car part of your assets.

I apologize that this is not the information that you would have liked to receive.

If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
FLAandNYLAWYER

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Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 9 years ago.
even if i sell it
Expert:  Ellen replied 9 years ago.
Hello,

If you sell your vehicle to your daughter, the court will look at the transaction very closely to determine if you sold the car for less than the true fair market value. If the court finds that you sold the car for less than it was worth, you are back to the fraudulent transfer situation.

Additionally, if you sell your car you will need to show the court that you actually received money and what you spent it on.

I hope that this helps you.

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THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE