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car

Unfortunately I lost my job and my house and all I had was my car.. even though it had a loan/lean on it.. I sold it to a friend of a fraction of the cost.. because I didn`t have any money .. I will be filing for bankruptcy in the coming year.. but I`m wondering what`s going to happen to me about the car.. I can`t repay my friend back and I can`t get the car.. what`s going to happen to the car? Thanks for your hep. I`m really desparate

Posted from: Ontario

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One Response to “car”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This is something you will need to discuss directly with a local trustee. When transfers of property on the eve of bankruptcy are involved it is important that all the details are examined as it is a very sensitive area. The key is as long as you didn’t do anything to purposely thwart the rights of creditors and the reasons for the transfer are defensible, then you shouldn’t have any troubles.