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Transfer auto to wife prior to BK

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  • Transfer auto to wife prior to BK

    My question goes deep as our issues are pretty bad. I am looking at a few years jail time. My income has been the lions share, and qualified when we bought our home. She makes less than $1k a month.

    I've been thinking of transferring our SUV to her. We still owe 6k. It may be a few months before I file, we are still working out logistics.

    First, we live in Florida and though the house was financed on my credit she had to sign the docs. If I file Ch7, will they come after her for the house, particularly if I include it? Can she walk away from it? This probably is a separate forum post but I've a bunch of questions I need to frame before approaching an atty for a consult.

    Second, with the ridiculous $1k for an auto (can you even have one that is semi-reliable and valued at that or less these days?) Will it pose a problem to transfer it now, assuming a minimum of six months before I file? In enough trouble and don't want to bring any down on her head. She will have a tough enough time as it is.

  • #2
    If you are going to file in a few months, don't even THINK of transferring this vehicle. A trustee can look back for up to two years, maybe longer, if there is any suspicion of hiding assets or a fraudulent transfer.

    You need to schedule a few free consultations with BK attorneys. Will your wife be filing also, or are you thinking of going it alone?

    Good wishes to you and welcome to the forum.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

    Comment


    • #3
      Plan on filing alone, but that's part of what we are trying to figure out. She would like to be able to NOT get hurt more than she already is...meaning keeping her credit clean. Hard to know who to talk to so I thought I would start here.

      Comment


      • #4
        Originally posted by jammerjoe View Post
        Hard to know who to talk to so I thought I would start here.
        I can't offer any advice here that hasn't already been said but I just wanted to say that you started at the right place. This forum was a MAJOR help for me.
        Don
        Filed Pro Se on 8/4/11 (No Asset, Chapter 7)
        Redeemed Automobile ProSe (722 Redemption),Discharged on 11/3/11

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        • #5
          If the goal is to keep the car and keep your wife out of the case, the WORST thing you can do is transfer the car to her.

          However, sounds like this needs to be a joint case anyway. If wife is on the mortgage and your are not keeping the house, she is going to need to file.

          Comment


          • #6
            Originally posted by jammerjoe View Post
            First, we live in Florida and though the house was financed on my credit she had to sign the docs.
            The wife had to sign the mortgage documents because of Florida's Homestead Law. It was explained to me when we builT our house in 1988, that even though I owned the land free and clear, and that the mortgage was being financed in my name, paycheck, etc., 'Hub had to sign the papers as a form of disclosure. Florida Homestead Law attempts to protect the spouse from any shenanigans that might be tried in the future.
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."

            Comment


            • #7
              Many years ago when my house was paid off, I took out another mortgage loan to get siding, windows, improvements, etc. I owned the home as I had purchased and paid it off before I even met my current husband. When I signed the paperwork for the loan, they said he had to sign also. So trusting their advice, we both signed the paperwork and lo and behold, a few weeks later we saw in the newspaper that the property had been transferred into both our names and he had been put on the deed. I then had to go to a title company and lawyer to get it changed back.

              So no matter what you may think.....you need to look at your deed and the county real estate records to see who's name is on the deed. And then talk to an attorney to see what options you have.

              Good luck and welcome to the family. Lots of good info here!!!

              DM

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              • #8
                Yes, jammerjoe, all above are giving firm advice. The easiest and best way to BK is HONESTY, and not to deal the system. To those who work the Courts, there is nothing new under the sun.

                Now to protect your wife, may I say this: She married you for better or worse, in rich times or poor times. This is the time to consider this.

                We of all people here were worth more on paper in land and cash than most. We are happier now giving our land and losing our cash than before. We learned, we accepted, and we love each other. We both have relative good health, and we are happy. This is all that YOU need. Both accept this. Please go to one of my "education" songs, on you tube. http://www.youtube.com/watch?v=KlShSNc2dMA Please disregard the spam but do look at the pictures. Seems youtube is spamming crap. 'Hub


                EDIT: Play twice, cry two times, seems that the spam is dumped the second time.
                Last edited by AngelinaCatHub; 05-06-2012, 07:10 PM. Reason: More info
                If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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                • #9
                  Thanks everyone. We are not looking to game the system. In fact the opposite is true. Another question if I may. What about credit card debt? We opened two cards, Home Depot and Lowes, but all my other cards I've had for a long time prior to marrying. IF I file what is her responsibility on that debt?

                  Comment


                  • #10
                    If it is joint debt, it is joint debt. If you file BK and she doesn't, she is liable.

                    That assumes that she is a co-debtor on the cards. If she is merely an authorized user, then she would, generally, not be liable.

                    Comment


                    • #11
                      She isn't on any of the cards except the Lowes, and that one is simply as an authorized user

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