June 6th, 2010 by Questions

In Dec,2009 ,i signed a truck over to someone else but they never insured it but now want to do so because they need it.
Vehicle is still in my name. Will this be a problem due to my bankruptcy?

Posted from: British Columbia


One Response to “bankruptcy”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This will likely be an issue, depending on the value of the vehicle in question. The Bankruptcy legislation does not allow for you to transfer assets out of your name prior to the filing of a bankruptcy
. If this would be permissible it would allow people to simply transfer any of their property that would be lost as part of the bankruptcy
and ultimatly would prejudice the rights of their creditors.

Due to the many complications that can arise as a result of this transfer you are best to contact a local trustee to discuss the potential ramifications of this transfer and how to minimize any potential downside.

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