Is this consider a transfer of property??

[river147]

I just sold my paid off 2007 vehicle outright and got the cash. Since my credit is trashed, my husband will finance the newer vehicle 1999-2010 model in the new loan and add his name only to the title. I'm putting the exempt cash that is allowed in my state on the new financed vehicle. Will this create any flags since it will only be in my husbands name? Will the trustee look at this as a transfer of property? And do have have to wait awhile before filing since I'm buying this vehicle before filing?

[newbie2]

I just sold my paid off 2007 vehicle outright and got the cash. Since my credit is trashed, my husband will finance the newer vehicle 1999-2010 model in the new loan and add his name only to the title. I'm putting the exempt cash that is allowed in my state on the new financed vehicle. Will this create any flags since it will only be in my husbands name? Will the trustee look at this as a transfer of property? And do have have to wait awhile before filing since I'm buying this vehicle before filing?

You don't state whether you are filing a joint bk petition or not..so I'll have to guess that it is just you filing. I'm not an attorney, but it appears that you are taking cash that can be exempted fully and transferring it to your husbands ownership. Perhaps an attorney in your state will see it another way.. Have you talked to an attorney yet about what you are planning??

[river147]

Since I can't get financing on my own, my husband will take out the loan on it and put me on as cosigner..my only down payment is the $3k that I'm allowed by the state for the car. when I drive it off the lot, I will owe more on it than what it's worth.