judgment?

[Graphic]

What would be something I could put the equity into that is secure? Let's say I sell the car...get a used car and have it financed. I mean that is the only thing I can think of where the trustee can't get the money. Having a car financed and not having more than 1k in equity (or 3k in alabama). Obviously if I traded in this car and got a new one..the equity would still be there..what's a way to get RID of the equity in other words? lol. Yet still having a vehicle. If that makes any sense?

[bkfiler]

umm, you have to speak to an attorney about this. you need to be careful about what you do and if its legal. let us know.

[Graphic]

Alright, lol. I'm just thinking all these things in my head. I just don't see how it would be fraudulent to trade the car in, let me parents use the equity for my grandmother (who is using tons of their money now) and just have a vehicle financed. You would think they would be leniant on that. Considering it NEVER came from my pocket anyways. Sigh One mistake leads to HELL

[bkfiler]

well no i wouldnt think that. they are there to make their money back. bastards, i know lol.

maybe the 'it wasnt really my money in the first place' would fly with the trustee. i cant wait to see what the attorney says.

what i would do, baring some way to exempt it, is to get the parents to place a lien on it and write up a hand written agreement stating you owe them the money each month to pay for it.

but then again that sounds to easy and might make you look fraudulent. never lie.

[Graphic]

Yep Guess I'll see what some lawyers say tomorrow. My luck none of my professors (former lawyers) were ever in the bankruptcy field so they couldn't give me any advice

[sunshine08]

I had a 1990 Ford Mustang with over 175,000 miles on it. Knew I wouldn't be able to get another vehicle (or thought I couldn't get another vehicle), my mom needed a run around car. Went to a couple dealers and they wouldn't allow me a whole lot in trade, so I sold it to her for $900 and used part of my tax money for a down payment. I got a new Mazda. We drive alot and because of work I may have to drive 200 miles in a day (teaching that is), I needed a dependable vehicle. The trustee questioned it slightly and that was almost a year after I brought it that we sold it. We kept doing, file, don't file. Things would get better and then get worse. Our house was struck by lightening, then we had a hurricane...........
Keep receipts, be careful and talk to your attorney.

[GoingDown]

[QUOTE=bkfiler]yes, a party with a judgement against you can file a lien against your property. this can include your car. they can then have your car siezed and sold by the sheriff. the proceeds would go first the pay them and return the rest to you afterwards.

how often a credit card company does this sort of thing or take this kind of path i dont know.[/QUOTE]


I'm going to be a test case for all of you. I will let you know whether or not one of my creditors ever puts a lien on my Chevy and after that I will let you know if they have the county sheriff actually come out and take it away from me. My guess is that they won't do that. It would cost them quite a bit to do such a thing. I don't think they will want to throw good money after bad money.

This is just my opinion, but I think creditors are looking for easy targets-- checking accounts and wages to garnish, or they are looking for assets that go up in value like real estate. I don't think they will want to fool around with a truck that continues to lose value with each passing day.

And here's the full story on the truck... it's a 2006 Chevy Silverado, but I financed it, so I still owe $15,000 on it. I'm paying only the minimum monthly payment each month, so it won't be paid off until a little bit less than 6 years from now. By then it will probably be in pretty bad shape because I'm using it as a work truck and it already has scratches in the paint and dents in the body.

I figure they won't try to seize it at any time soon because they would have to pay off the secured loan on it first, and that would cost them more than they could profit from it. If they take it after it is paid off, well then I've already gotten my use out of it, and I will just try to finance another one through the same company I've been making monthly payments to.

Anyways, I will let you all know what happens as time goes by.

[SinkingFast]

Being as you are a student,......... Wouldn't that mean you are technically still a resident of Alabama??

Did you title the vehicle in Florida when you went to school there?? Or is it still titled in your "home" state?

Maybe an attny can tell you for sure which state is your resident state.

[AMISLANDER]

IN FL going thru similar dilema

I own my 2000 4Runner outright in Florida...however, back in Oct. 2004, borrowed $ from mom & she now is the lienholder on the FL title...in black & white...filed bk in Oct. 2005...as a no asset case in Tampa.

The trustee, on pacer, has changed it to an asset case. However, there still remains the issue of there being a lien on title...I filed due to cc debt of $50K.

KBB value of my 4Runner is somewhere between $8K and $10K...however, it now has 100K miles on it, needs 2 catalytic converters ($2,500), new tires ($500), power antenna ($1,500 as they have to remove the front panel to get to it), new rear bumper, and left side back panel from bumping into a gas station...not pumps...those cement guard rails....

I'm waiting to hear whether an appraiser will be coming out to look at the vehicle...my last day for objections is the last day of February and I have heard nothing so far....

If you haven't filed yet and listen....my cc debt is from 2001...and I just filed in 2005...so....sell or trade the car in...get something that is within the means of your state guidelines for having a car during a bankruptcy (i.e. in Fl...either you have a $1k hoopty or owe much more than car is worth)...and give your parents their cash back....eliminate the problem, which is the car and which will continue to be the car if that is your only asset.

Although I'm pissed about most likely having to give up the SUV...my debt overrides it and I'm sure as h*ll not going to be buying back my car from the trustee with all the repair work it needs...he can drive it with the "check engine" light for a year like I have...lol....

[Graphic]

so basically your saying the trustee shouldnt think much about it if i give them their money back basically? I'm kind of confused because your parents had the lien on your car but you're saying they will take it back probably? IF i did sell it I would HAVE to go the route of getting a car financed. My parents told me yesterday the only reason they wanted it in my name was because of the insurance..in case anything happened or if ..knock on wood never happens.. say like I hit a little kid or something they wouldn't come after them. So who knows. Didn't get a chance to talk with attorneys..had along day so guess I'll have to do it tomorrow.

Oh and yes I'm pretty sure I would still technically be a student from AL. Like I said titled in AL..license/insurance from AL

[SinkingFast]

I may have a fix for you since you are technically a resident of Alabama. Run this one buy the attny's you talk to and see if it will work.

We recently moved and own 4 vehicles. 2 belong to the kids, in our names, for lower insurance costs. Attny's told me,....... When we registered them in the state we live in now, IF we had simply added each kid's name to the title of their vehicle, along with ours, then those 2 cars would not be an issue in our BK. With the kids' names on the titles, each car becomes joint property of our dependents and as such, cannot be considered "our" property for purposes of the BK. I've also seen a rule to that effect in the codes somewhere. Property that other people hold a collateral interest in cannot be included in the BK.

If that's the case, then just go and title your vehicle in Florida, and add Mom and Pop's names on the title. Then, Mom and Pop will be co-owners, holding a collateral interest in the property.

[Graphic]

awesome, ill definately check into that one.

[bkfiler]

good idea. same as lien holder in a way. nice idea.

what im wondering is will this look like a transfer to avoid collection.

thats my big question. i mean we hear this all the time, people put their boats and such in other peopls names and the trustee gets wind of it and they are in deep creamy steamy poo-poo.

the reason i suggested this route to begin with is that it was his parents that paid for it. not him. so i was hoping he could show that through records if a question about it comes up.

[Graphic]

Yeah bk that idea you had was good as well. I just haven't gotten around to it yet. (just got back into school .. pain in my butt)

Anyways, I was thinking maybe just have them as the OWNERS of the car and me on the title as well, but I'm not positive on how title's work. If I put their name first per sae would the be the 'outright owners'. Donno. I talked to my dad about the lien thing and he said "yeah i guess we could like write up a contract saying you owe us this much blahblah" (which technically they did buy the car for me.. but I am supposed to repay them later on down the road.. just never had a contract more of an agreement).

I'll definately check it out though.

You've all been great help .. I know I have so many questions.. just different things ponder in my head at times and I'm wondering..hmm maybe that will work.

[bkfiler]

the main difference between registers owner and lienholder is responsability.

the lienholder only owns financial interest in the car.

the registered owners have legal responsability for it. accidents, tickets, hit-n-run issues (running over a trustee in the parking lot), etc.

if there is not lien holder then the registered owners have legal and financial owenership rights.