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    #1

    Vehicle question

    My father in law wants to purchase us a used vehicle. He wants to put it in our names so it will be on our insurance. We haven't had our 341 yet. But he wants to pay cash for the vehicle on Monday. 341 is scheduled for the following Monday. Will this screw up our BK or is it considered a gift? HELP!!! they have filed a motion of stay and are coming to get our vehicle on thursday!!!!

    thanks
    Tags: None
    #2
    So the vehicle that they are repo-ing, you had listed as your exempted vehicle for the filing?

    Comment

      #3
      yes...they have contacted us and told us that they would come and repo it on or after Jan 12...just don't wanna do anything thats gonna get us in trouble!!!

      Comment

        #4
        well, its always best to wait until after the 341. thats for BS reasons imo but its so you can honestly asnwer the trustee that nothing has changed.

        but, i see no reason he cant do that. maybe someone else knows something about it. but as for a solution, all you have to do is have him buy it, put the registration in your name and the lien in his name. its easy. then you can put your insurance on it and he can remove his name someother day he wants to. until that time he owns the behicle and you cant sell it. no big deal.
        Im not an attorney or a trustee. You cant trust me either though!

        [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
        [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
        [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
        [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

        Comment

          #5
          Since it will be titled in your name, you will have to declare it at the hearing. It shouldn't be a problem since the vehicle that you was exempting is gone or definitely going. Should be able to substitute it in for your exempt vehicle at the hearing. Just make sure the value is under the exemption limit and have any documentation that you think you might need.

          I'm sure this comes up often.

          Comment

            #6
            I don't really see a problem at all-worst case scenario is that the trustee will wonder how you were able to afford a used car right now, and a paper trail will show that you didn't pay for it. Most likely, though, the trustee will not be interested at all. It is not part of your BK as you did not own it at the time of filing, and your dad can buy whatever he wants, for whoever he wants.
            Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

            Comment

              #7
              umm, not so fast. if it gets transferred then they own it. and it may or could end up giving them problems.

              its best to have your FIL sign it as the lien holder. its one extra line. no big deal. and then its not yours to own at all but you can still get insurance on it. it really does solve the entire problem in one fell swoop.
              Im not an attorney or a trustee. You cant trust me either though!

              [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
              [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
              [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
              [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

              Comment

                #8
                Originally posted by bkfiler
                in one fell swoop.
                bk, Were you waxing your facial hair, O hirsute one, and decided to wax poetic? Art

                Comment

                  #9
                  well now we know what word you use to search for your internet picture aaart lol.

                  no really, whos gonna tell me that isnt the exact thing they should... think about doing and consider after seeking advice from a attorney. wow, see me type extra words for that disclaimer!
                  Im not an attorney or a trustee. You cant trust me either though!

                  [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                  [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                  [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                  [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                  Comment

                    #10
                    But they didn't own it at the time of filing. The file date seals the BK estate.

                    Originally posted by bkfiler
                    umm, not so fast. if it gets transferred then they own it. and it may or could end up giving them problems.

                    its best to have your FIL sign it as the lien holder. its one extra line. no big deal. and then its not yours to own at all but you can still get insurance on it. it really does solve the entire problem in one fell swoop.
                    Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

                    Comment

                      #11
                      yes i understand but it could end up causing the trustee to look deeper into their situation. maybe find somethign else. hold things up. make the trustee want to see new paperwork.

                      all for trying to avoid a small transfer fee at the end of bk? most just dont know what the lienholder line does for them. anyone can do it.
                      Im not an attorney or a trustee. You cant trust me either though!

                      [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                      [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                      [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                      [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                      Comment

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