FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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general

a credit card was used for the partial purchase of a vehicle just prior to the assignment — the vehicle was given as a graduation gift with title in another name other than the bankrupts–is thids item exempt ??

Posted from: British Columbia

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One Response to “general”

A licensed trustee said...

I doubt that the person that now has the car has much to worry about, BUT the person that made the purchase is likely going to be held responsible to repay an amount equal to whatever portion went on the credit card (and any other lines of credit) just before they filed for bankruptcy.

For people reading this site – the concept behind bankruptcy is to allow the honest, but unfortunate debtor relief from their debts. If you make a major purchase or take cash advances on your credit cards just before you file for bankruptcy (or a proposal) then you bring into question whether or not you are truly an “honest, but unfortunate” debtor. How would you react if a few days after you gave a friend a loan they turned around and filed for bankruptcy? You’d have to wonder if they borrowed the money from you when they knew they were about to file…