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  1. #1
    Join Date
    Aug 2016
    Posts
    4

    Default 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?

  2. #2
    Join Date
    Sep 2010
    Posts
    478

    Default Re: Chapter 7 and Transfer of Ownership

    Quote Quoting Oakmt
    View Post
    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
    View Post
    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.

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