The answer is, it depends where you are filing bankruptcy, who the bankruptcy trustee is, what the value of the vehicle is, and when the transfer is made. Bankruptcy law permits pre-bankruptcy planning to take advantage of exemptions. I would advise that in most situations, pre-bankruptcy planning to transfer the title of a car to another family member, especially if the primary driver of the vehicle is already a spouse or a child, is proper if fully disclosed prior to the 341 Meeting of Creditors.
However, every situation is different. I recommend that you consult with a bankruptcy attorney to discuss the details of your specific situation. I offer a free initial consultation and can help you file bankruptcy in Kansas or Missouri. Please leave any questions or comments below.
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ReplyDeleteThe realisation of funds usually comes from two main sources: the bankrupt's assets and the bankrupt's wages. There are certain assets that are protected, referred to as "protected assets". These include household furniture and appliances, tools of the trade and vehicles up to a certain value. All other assets of value will be sold. If a house or car is above a certain value, the bankrupt can buy the interest back from the estate in order to keep the asset. If the bankrupt does not do this, the interest vests in the estate and the trustee is able to take possession of the asset and sell it.
Know more about Chapter 13 Bankruptcy.
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