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    Act of donation??

    I am a coowner in a boat. My partner filing for bankruptcy. I have the title in my possession. I’m not sure where he got the money to pay, cash or an unsecured loan so I’m assuming the title is free and clear since I have it. He wants to give me his share. A. Is it leagal to do this? B. Can the court go after his “half”? Idk what to do since I have interest in this and I definitely do not want to do anything illegal.

    #2
    He should ask his attorney about it. Was the title in both of your names? If it's legally part his boat I would assume (I am not an expert) the court might want you to buy him out. If he wasn't legally on the paperwork that may be a gray area. This is why he has to talk to his attorney. I would think he'd be in trouble if he didn't do whatever he is legally responsible to do.

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      #3
      I don't know how Titles work in Louisiana. In Florida, the ownership is determined by what's on the title. For example, if your names are on the title an connected by "or", then you each own it 100%. If your names are separated by "and", then you each own 50%. (There are other ways to jointly hold property as well, such as tenancy in common.). The question will be how Louisiana law treats the title.

      If he is filing for bankruptcy he cannot simply transfer any property to an insider within 1 year of filing. (And that lookback could go further in some cases.). He could transfer it to an insider, you, if he received market "value" as if it were an arm's length transaction... such as in a straight sale.

      So, the bottom line is, don't try to transfer ownership because the Trustee will ask about this and will look for this. He could "sell" you his half for market value. The problem will be that a boat is likely to have value and the Trustee will be interested in any portion that your partner can't exempt. Your partner may be able to negotiate (settle) the amount that the Trustee would want in lieu of liquidating the property.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog


      I am not an attorney. Any advice provided is not legal advice.

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