Denver 341 today

[bkfiler]

"On my title that had not been recorded in 8 years, if it had been recorded one year before I filed bk, then the trustee would have considered it a valid lien....."

ok now im getting it. you say one year. but what about 1 day before you filed a bk?

also, i wonder what happens if you get a car on loan on dec 1 for example and they have 20 days to file the lien. you then fil bk on dec 5. does their lien become usless even though they have until dec 20th to get it done?

i never ever understood these liens and their problems until you explained them, thanks!

[Minnymouth]

REMEMBER, a Trustee can go back and "undue" contracts, liens, money transfers, property sales and transfers. I believe he can go back one year if he petition the court.

If you did a transfer of property or money, or "fixed" a lien 1 day before filing BK, yes the Trustee can "undue" it.....

I understand that this falls under "intent to deceit or commit fraud" in bankruptcy. Say I discovered the lien was not recorded and run down and recorded it right quick. Waste of time, the trustee and undue it and take it.

I'm sure the statues vary from state to state and also the federal laws.

I"m pretty sure if you gave you daughter a million bucks 18 months ago, and now you are claiming bk, then the trustee would petition the Court to allow him to seize it, say "you knew you were commiting fraud because you knew you were going to file BK shortly".

It's a real touchy law with lots of loopholes. Unfortunately none of the loopholes are in favor of the debtor.

The "strong arm of the Court" can do many things, and undue many things no questions asked. And the Trustee has this power. He has to petition to do it, but it is usually granted.

The only "protection" a debtor has in bankruptcy is that creditors can no longer bother them, sue them, and their debts are discharged. Anything else is "open field"........

One the "things" about bankruptcy that few know about or ever get involved in.

Minny

Note: On the issue of buying a car Dec 1, filing BK on Dec 5, and the loan company has till the 20th to file their lien.
Well, believe me, the Trustee will "double check" to make sure it was done during that 20 day period. He can undo if it wasn't...... that 20 day clause is his loophole to use, and they do.

[messedupbad]

Thanks Minni I will be watching and waiting to hear from them. I hope it works out for us. We need our truck and we have no large sum of cash to buy it back . I checked on the vaule truck trade in is around $26,000, personal sale is $34,000. So I am sure we will loose out and our only other car is a 1991 with a 145,000 miles. thanks again