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    car transfer

    Back on 11/29/2017 I transferred my wife's 2007 mustang to me . Now she needs to file chapter 7 in next few months . Was wondering if I put back in her name now or in both our names if that would be good idea .

    #2
    Now that bankruptcy is being considered, do not make any changes to the title on any of your property.

    The lookback period for property transfers is two years. As long as your wife waits until December to file, there would be no reason to disclose this property transfer on any of the paperwork. (There are questions which specifically ask about property sold or transferred within the two years, your wife would be able to answer "no" or "none" to those questions.)

    Of course, she cannot lie if the trustee specifically asks about the vehicle, but in that case, she could simply answer that the title was transferred to make the insurance more affordable. It would be very difficult for a (panel) trustee to allege fraudulent transfer of a 10-year old (at the time) non-collectible car which took place more than 2 years prior. The trustee isn't going to go there. Even if you live in a state with a relatively low motor vehicle exemption, the trustee is unlikely to attempt to unwind the transfer as "fraudulent" and try to sell the car.

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      #3
      Originally posted by bcohen View Post
      . . . The lookback period for property transfers is two years. . . Of course, she cannot lie if the trustee specifically asks about the vehicle, but in that case, she could simply answer that the title was transferred to make the insurance more affordable. It would be very difficult for a (panel) trustee to allege fraudulent transfer of a 10-year old (at the time) non-collectible car which took place more than 2 years prior. The trustee isn't going to go there. Even if you live in a state with a relatively low motor vehicle exemption, the trustee is unlikely to attempt to unwind the transfer as "fraudulent" and try to sell the car.
      With all due respect, the above is a dangerous road to travel and conjuring up excuses for the transfer could land one in jail.

      youmanyo

      While the Statement of Financial affairs requires disclosures of transfers within 2 years prior to filing, most, if not all, State fraudulent transfer statutes cover at least a 4 year period prior to the transfer. A trustee can and will obtain department of motor vehicle records and will know about the transfer. What happens after that is anyone's guess. You need to discuss this with a local bankruptcy attorney, not some Internet website that, while there is good intention, can give you a false sense of security.

      Des.
      Last edited by despritfreya; 07-04-2019, 04:37 PM.

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        #4
        Thank you very much.

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