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Category: Bankruptcy Law
Satisfied Customers: 17234
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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How would a vehicle valued at 8k transferred to a relative

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How would a vehicle valued at 8k transferred to a relative he owes money to be treated in a chapter 7 BK?


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


In most situations this would be treated as a preferential payment to a creditor, if the transfer happened within one year to 6 months of the bankruptcy petition filling.


What the trustee can do is reverse the transfer, or force the debtor to pay all the creditors the value of the car to the rest of the creditors,

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