Gifting a vehicle

[eplatt31]

Yes, it would be. It's called a "fraudulent conveyance" and that's just some fancy speak. Doesn't mean you're a criminal, just means that the Trustee can "undo" that transfer and get the property back. The Trustee can look back 1 year on such conveyances to "insiders" like family members. Yes, the Trustee can demand it back by suing your father... or demanding equivalent value. Some people have been known to just "settle" with the Trustee.

While the Trustee would need to "prove" that you did so to move the property outside the reach of a creditor or creditors... the burden isn't that difficult. Generally, if you are not paying your bills and then give away property worth value to an insider, that's a fraudulent conveyance.

Generally speaking, you need to give it at least one year before filing. The real question is... why are you giving it away? Do you owe money to your creditors? Why did you not sell it and use it to pay creditors? (These are questions the Trustee may ask. )

thanks for your reply. it would be just to protect it. it is worth 18K. i do owe creditors. i would say it was a christmas gift because his car broke down on him with a costly repair and that my girlfriend drives me to work now. if i wait over 15-16 months, do u think i could get away with it?

[justbroke]

Yes, it would be. It's called a "fraudulent conveyance" and that's just some fancy speak. Doesn't mean you're a criminal, just means that the Trustee can "undo" that transfer and get the property back. The Trustee can look back 1 year on such conveyances to "insiders" like family members. Yes, the Trustee can demand it back by suing your father... or demanding equivalent value. Some people have been known to just "settle" with the Trustee.

While the Trustee would need to "prove" that you did so to move the property outside the reach of a creditor or creditors... the burden isn't that difficult. Generally, if you are not paying your bills and then give away property worth value to an insider, that's a fraudulent conveyance.

Generally speaking, you need to give it at least one year before filing. The real question is... why are you giving it away? Do you owe money to your creditors? Why did you not sell it and use it to pay creditors? (These are questions the Trustee may ask. )

[eplatt31]

If I give a car thats in my name to my father as a gift, would it still be considered bankruptcy fraud if it was over 6 months ago? if so, how long should i wait to file? would they try to take it from my father?