Can I ask trustee to take the truck?

[AMISLANDER]

since I am so over my truck and it's issues...Is it possible that I can ask him to take the SUV? I'm assuming that he would have to pay the lienholder off, my mom, and then, I can be done with this whole issue...

I'd like to call his office but figured I'd ask here first and see what you all thought.

[HHM]

You were discharged in Feb, 2006.

I am sorry, but the truck is your's to deal with.

[AMISLANDER]

Let me rephrase it...

You were discharged in Feb, 2006.

I am sorry, but the truck is your's to deal with.

My case was an asset case (ch.7) due to my IRS tax refund and the fact that I own the SUV outright.

When I called the trustee a few weeks ago, secretary said they needed the promissary note re: lien from my mom on truck from money which I had borrowed from her.

That is why my case has not been closed, trustee must make decision on truck. That is why maybe it would be better to see if they want it, let 'em take it. I guess it depends on whether he would want to pay the lien off?

[HHM]

Back-up a second, in the first post, you said your mother has a lien, but in your second post...you say you own it out-right. I am guessing the lien is not recorded on the SUV's title, correct?

It doesn't really matter that it is an asset case but...

I suppose if you want to abandon the exemption and the truck is worth more than is owed (enough so the trustee can pay his costs of disposing the truck and get money for the BK estate), and the trustee is willing to do it, I suppose you can do it. However, you would not be able to force the trustee to take the truck.

But why hand it over...why not just sell it on your own, you would get to keep the money at this point (or at least the amount up to the auto exemption)...if the trustee wanted your SUV, he would have made a move to take it by now...so I am guessing he is not that interested...why give the trustee free money?

[AMISLANDER]

Back-up a second, in the first post, you said your mother has a lien, but in your second post...you say you own it out-right. I am guessing the lien is not recorded on the SUV's title, correct?

It doesn't really matter that it is an asset case but...

I suppose if you want to abandon the exemption and the truck is worth more than is owed (enough so the trustee can pay his costs of disposing the truck and get money for the BK estate), and the trustee is willing to do it, I suppose you can do it. However, you would not be able to force the trustee to take the truck.

But why hand it over...why not just sell it on your own, you would get to keep the money at this point (or at least the amount up to the auto exemption)...if the trustee wanted your SUV, he would have made a move to take it by now...so I am guessing he is not that interested...why give the trustee free money?

ok....let's try again

trustee requested my 2005 IRS refund at 341. He has it now.

trustee requested copy of promissary note on the amount I borrowed from my mom. He has it now.

My mom is on the Florida Title of the car as a lienholder. I own it but borrowed against it, got financially strapped & have not paid her the $ I borrowed on truck ($6K, which is on the promissary note).

4Runner needs some catalytic converter work...that's about it....maybe a new starter, and some oxygen sensors....

I paid $14K for truck back in 2003. Probably worth around $8k now? taking into sonsideration what's needed to repair.

I'm assuming, with the lien on it, maybe he won't take the truck...but I'm getting tired of waiting to get the repairs done (mom said she'd help me...like I need more debt) and would like to drive something that I know is going to start when I turn the key....I'm like Minny....just still waiting...my case is now over a year old as well...I turned in the refund in June and have heard nothing on that either.

[FilingOnMyOwn]

If you don't want the truck, and only owe 6k and its worth 8k, why not sell it for 8k, pay off the 6k, and keep 2k for yourself to buy a beater or do whatever with it?

[AMISLANDER]

If you don't want the truck, and only owe 6k and its worth 8k, why not sell it for 8k, pay off the 6k, and keep 2k for yourself to buy a beater or do whatever with it?
__________________

Because the truck is an asset, I don't think "I" can dispose of it? ...I'm stuck between a rock and a hard place on this one...I guess I'll call the trustee's office...been putting it off, but I guess I can get to the bottom of it that way and get a my answer.

[Minnymouth]

Your right, you can't dispose of the truck until the Trustee makes his "decision" about it.....

And yes, I believe he has to pay the loan off to your mom, (if its on the title), before he gets any monies for his creditors.

May not be worth all the trouble and he lets you keep it, then you can do what you want with it.........

[HHM]

The trustee is probably tyring to determine if the lien granted to Amis's mother would be considered an improper insider transfer of property. However, I still think, that if he has the documentation...he probably would have made a move by now. The trustee will generally not tell you if they are NOT going to pursue property (the only time they file abandonment is with lawsuits).

[AMISLANDER]

If it's just a lien, how can that be an "improper transfer of title?" The SUV is still in my name, with her as a first lienholder due to my borrowing cash.

Been so busy this morning, no time to make that call, might as well keep it on hold till I hear from trustee. The trustee was aware of the lien on the SUV title at the 341 meeting as he was given a copy of the title with the rest of my paperwork. It's not like this hole thing just popped up...thank god!

Good thing I'm not holding my breath on this!

[Minnymouth]

You didn't say how long the lien has been against the title of the auto..... maybe that's what the Trustee is interested in....... Did you file bankruptcy shortly after the lien was put on the vehicle????

[AMISLANDER]

You didn't say how long the lien has been against the title of the auto..... maybe that's what the Trustee is interested in....... Did you file bankruptcy shortly after the lien was put on the vehicle????

The lien was put on the title January 2005 and I filed bk in Oct. 2005. I had received paperwork in the summer in regards to one of the cc's getting a judgement and I started to see bk lawyers in trying to make a decision on what to do. I had started paying off a few companies in the end of 2004 but things just go too much.

I borrowed the money on the truck and ended up using it to pay rent and well things just escalated as they usually do.

So there is 10 months between the time the lien went on SUV and my filing date.

[HHM]

The lien was put on the title January 2005 and I filed bk in Oct. 2005. I had received paperwork in the summer in regards to one of the cc's getting a judgement and I started to see bk lawyers in trying to make a decision on what to do. I had started paying off a few companies in the end of 2004 but things just go too much.

I borrowed the money on the truck and ended up using it to pay rent and well things just escalated as they usually do.

So there is 10 months between the time the lien went on SUV and my filing date.

That is the hold-up right there...The new law pushed the fraudulent transfer timeline from 1 year to 2 years (Section 548, and specficically under Section 547(b)(4)(B) between 90 days and one year before the date of filing of the petition, if such creditor at the time of transfer was an insider), even under the old law, you would still be having some trouble. The trustee is determining if he has any grounds to "avoid" the transfer (Sections 546-548). However, since the whole transactions seems on the up and up, I doubt you have anything to worry about, buy you should probably review Section 547-548 of the BK code for yourself.

[AMISLANDER]

probably review Section 547-548 of the BK code for yourself.

I'll take a look at this now before I go home.

It's always something....I might not understand and have to ask some more questions...well it's just a whole lot of giberish to me...can you tell me anymore?