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assets

If I sold my vehicle to my spouse so the car was in his name, would I then be allowed to keep it as it is a new car (2007) and well worth over the alotted amount

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One Response to “assets”

Barton Goth GCO Bankruptcy Trustees said...

Did you sell the vehicle for fair market value?

If not this will likely be considered a fraudulent conveyance and not a vaild transaction legally.

For others who read this blog posting it is not a good idea to try to protect assets this way as it can end up creating you a great deal of additional problems. While the bankruptcy or proposal process is fairly straight forward when you start to do creative things to protect assets and the like you actually trigger portions of the Bankruptcy and Insolvency Act that will make it more difficult to be cleared from your unsecured debts.

If you have been involved in such activity you are best to contact a local trustee and discuss what has taken place and the best manner to rectify it.