Need advice please read and share your thoughts...

[SunshineGal]

Hi Missemo,

Scroll down to where he talks about Tenancy by the Entirety and it will explain.

http://www.alperlaw.com/asset_protection.html

[missemo12345]

I agree the MCycle has 25k which is alot.... has a oil leak from the engine....is 1 year over due for a full tune up... so the oil leak in it self is major that could change the value a great deal. No one in their right mind would pay full book on a leakie bike!!! Thanks again

[sunshinepa]

Also, if you are willing to discuss the reason, you might ask the dealer to be very reasonable. When I got my CMA for my property, I discussed it with the realtor and she was very willing to pick out all the flaws in my home and make the CMA very reasonable. It came in right where my atty. and I wanted it. But I did have to disclose my reasons with her.

Just a thought. Also, my attorney ask for all the "flaws" with my car so he could value it lower. Had a few small repairs needed, some scratches and one or two small (dime size) dings in it but it did bring the value down.

Good luck.

[missemo12345]

Yes KBB is over rated good luck finding a buyer at the price they have listed. We will go to a dealer who knows just how hard it is to find buyers and they them selves would not give you KBB they will be lower.Not understanding your question about the furniutre exemption issue could you please explain? Thanks again for all your help.

[SunshineGal]

Hi Messimo,

Glad to hear you found a different attorney and your case doesn't sound quite as strange now that you've provided more information. Although the Trustee may question the purchase of your car, it can be easily explained and verified.

It is way too late for any titled property, but do some research on tenancy by the entireties as to how it relates to personal property such as the furniture, electronics, etc...also, make sure the attorney you chose is well aware of it, two out of three told me it doesn't exist, but they were wrong. Finally, don't use KBB for the motorcycle...at the very least, take it to a dealer and get a written appraisal of what it is worth, it may be worth less than you think.

SG

[missemo12345]

I agree with newbie's post above, but would also like to add that while you purchased it for market value - I still believe the trustee is going to have issue with it because it was between you and your husband. Do you have separate accounts? Do you pay bills separately? Can you provide a paper trail on the $ you gave to him for the sale didnt go to joint debt, etc? Some things to ask your attorney...

I think the key thing that caught my eye was your use of wording " my parents gave me $ to purchase it this way it did not look like a gift transfer " IMO if you try to justify you purchasing your husbands car using this defense, then the trustee may ask why you felt the need to try to make it NOT look like a gift transfer... See why it looks odd ? As newbie2 stated above, in most marriages one spouse doesnt pay the other to purchase a vehicle already owned/paying on unless they live separately financially in the marriage and have since the beginning.

ONly thing you can do is try - worse that will happen is trustee will take it or request you buy it back from estate.

I do see your conerns the way I worded it was not correct please read my post below..Thanks again for your help

[missemo12345]

Yes we have separate accounts..

Yes he pays certain bills & I pay certain bills..I pay my Credit cards etc

The only joint accout we have has been open for 12 years just for our life insurance to withdraw not a single penny is put into that account above the premium that is due.

The funds from the sale were put into his own account then he paid for his mothers funeral and air expences to travel to NY. He has funeral receipt from funeral home will need to get old staments to show air & hotel.

I did not try to make it look like a gift transfer it was a purchase I needed are vechilce my parents had concern as mine was not reliable he needed funds to bury his mom. I think the worst thing he could of done was just gift it to me I felt this was improper.

The car was $7100.... My discharge was 7/2009 the car was purchased in 11/2009 So yes my BK was closed!!!
Hope all this info helps. Spoke with another attorney yesterday he did not see a problem at all and since my husband will not be filing any time soon time is on our side.
Thank you

[SunshineGal]

I think the problem may run deeper. You say you filed for BK two years ago, and then *almost* two years ago your parents gave you money to *buy* your husband's car. How much money are we talking about? What did DH do with the money? Was your BK already closed at the time?

[Pandora]

I agree with newbie's post above, but would also like to add that while you purchased it for market value - I still believe the trustee is going to have issue with it because it was between you and your husband. Do you have separate accounts? Do you pay bills separately? Can you provide a paper trail on the $ you gave to him for the sale didnt go to joint debt, etc? Some things to ask your attorney...

I think the key thing that caught my eye was your use of wording " my parents gave me $ to purchase it this way it did not look like a gift transfer " IMO if you try to justify you purchasing your husbands car using this defense, then the trustee may ask why you felt the need to try to make it NOT look like a gift transfer... See why it looks odd ? As newbie2 stated above, in most marriages one spouse doesnt pay the other to purchase a vehicle already owned/paying on unless they live separately financially in the marriage and have since the beginning.

ONly thing you can do is try - worse that will happen is trustee will take it or request you buy it back from estate.

[newbie2]

Yes we will be giving up homestead since we will let the house go. My husband decided to sell his car which he could no longer maintain my parents gave me $ to purchase it this way it did not look like a gift transfer I then went to my tag office registered it and paid $600 in tax. I figured this purchase was on the up and up no difference if he sold the car to Joe smith.. I paid market value to show no favoritism please explain why this sale is odd only because it was to me. This sale was done on 11/02/2009 we have had no creditors bothering us I am thinking why not wait another year or so and this way the look back will be that much further away. I am really hesitant to have him be commited to a trustee for 5 years because of this. Please let me know what you thunk thank you so much for offering me advice.

The reason it looks "fishy" is that there was no need to sell the car to you. Even if he couldn't afford to make the payments you could have made them without going through the process of selling the vehicle to you. (That's what happens in most marriages ) Since he sold it to you for true market value you really shouldn't have anything to worry about. Get those other attorney consults done and you'll feel better about it all.

[missemo12345]

newbie2 beat me to it However I would like to ask you - the $4K you're referring to as exemption... are you planning on giving up your homestead to get it since FL only allows $1K for auto exemption. Make sure you know what the plan is before you agree to it. As to you purchasing your husbands car - well that does seem odd and could be viewed as a fraudulent transfer. Why would a wife buy her husbands car if they're married and living together? Seems odd...

Yes we will be giving up homestead since we will let the house go. My husband decided to sell his car which he could no longer maintain my parents gave me $ to purchase it this way it did not look like a gift transfer I then went to my tag office registered it and paid $600 in tax. I figured this purchase was on the up and up no difference if he sold the car to Joe smith.. I paid market value to show no favoritism please explain why this sale is odd only because it was to me. This sale was done on 11/02/2009 we have had no creditors bothering us I am thinking why not wait another year or so and this way the look back will be that much further away. I am really hesitant to have him be commited to a trustee for 5 years because of this. Please let me know what you thunk thank you so much for offering me advice.

[AngelinaCat]

I have merged the two threads and deleted the duplicate post. OP, please do not create multiple threads on the same subject as it becomes a problem following the posts and keep straight which thread has been responded to.

Thank you.

[Pandora]

newbie2 beat me to it However I would like to ask you - the $4K you're referring to as exemption... are you planning on giving up your homestead to get it since FL only allows $1K for auto exemption. Make sure you know what the plan is before you agree to it. As to you purchasing your husbands car - well that does seem odd and could be viewed as a fraudulent transfer. Why would a wife buy her husbands car if they're married and living together? Seems odd...

[newbie2]

Here are the replies to the other thread you created about this: http://www.bkforum.com/showthread.ph...-your-thoughts... Good luck to you and your family.

[frogger]

Find another attorney......