Car title question-

[rockbottom]

My dad is going to buy me a used car. I am awaiting discharge. He wants to put the title in my name. Would that be okay or would that put up red flags while I'm waiting to be discharged???? Or should I just put it in his name until discharge and then transfer it over after discharge???

thank you for any input!!!

[Minnymouth]

I would not put the car in my name until after discharge......even though you are not buying it, it could become an asset (if any value at all) and the Trustee could seize it.....
Best leave it in Dad's name till after bk is discharged....

Minny

[HHM]

You want to take a look at 11 USC 541(a)(5)

Post petition acquired assets are not generally part of the bankruptcy estate, the statue I cited above relates generally to inheritence, but one meaning of the word "bequest" is gift. And therefore, if the gift has significant value and was received within 180 days of filing the petition, it might be considered property of the estate. However, you could probably still claim an automobile exemption on it if you haven't used it already.

Personally, I don't think you will have a problem...but there is some risk (but honestly, its not like the trustee will find out).

[rockbottom]

Thank you!!!