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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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My fiance has a paid off vehicle that he would like to keep.

Resolved Question:

My fiance has a paid off vehicle that he would like to keep. It is listed as $15,000. If he were to file for Chapter 7 bankruptcy, is there any way he could keep the vehicle? I know it is over the wildcard exemption. The vehicle (truck) is very important to him. We were told if he sold the truck to me for bluebook value and the title was in my name and he showed what he did with the money, that would be fine. However, we are getting married in a month, so I dont know if that would be legal? Is there any way he could file and then take out a loan to keep the vehicle?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

That would likely be a good option provided you are not married at the time the sale is made.

Alternatively, he could obtain a loan on the vehicle prior to filing. He could then show what he did with that money.
Customer: replied 7 years ago.

So, even if we get married a few weeks later after i purchase the vehicle, that would be ok and legal?

Expert:  Ellen replied 7 years ago.

It would be legal however the trustee will vigorously investigate to determine if you actually paid the money to purchase the vehicle and what happened to the money. Also remember he would need to file prior to marriage.
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