Transfering Property Before Filing Chapter 7 Bankruptcy
My question involves bankruptcy in the state of MT.
I am considering filing Chapter 7. I have 2 assets that concern me:
1) We own some property (in another state). This was property that was given to us by parents. We have no use for it; can I gift this to another family member before I file bankruptcy to avoid the family losing it (it's just property, no house),
2) A friend of mine from another state purchased a utility vehicle and placed it in my name. He truly paid for it, but I put it my name as he is retired and just travels around. He needed someone with a physical address in order to license it. Can I give it back to him, prior to filing bankruptcy, to avoid him losing his property?
Re: Chapter 7 and Transfer of Ownership
Quote:
Quoting
Oakmt
We own some property. This was property that was given to us by parents. We have no use for it; can I gift this to another family member before I file bankruptcy to avoid the family losing it?
You can try to "gift" it but your family will lose it anyway because the Trustee will simply pull it back.
Quote:
Quoting
Oakmt
A friend of mine purchased a utility vehicle and placed it in my name. He truly paid for it, but I put it my name as he is retired and just travels around. He needed someone with a physical address in order to license it. Can I give it back to him, prior to filing bankruptcy, to avoid him losing his property?
You can try to give it to him but he will have to defend against the trustee pulling it back by proving every dollar that went into it was his dollar and that it truly belonged to him.
You probably better remove the "gifting" idea from your thought process and you really need to hire an attny. With these issues I do not recommend that you file bk without one.
Des.