QUESTION
I was told by my bankruptcy lawyer that i could put my tax refund towards purchasing a car. But I made a mistake in process and need help fixing it.
Asked on Nov 17th, 2011 on Bankruptcy - Virginia
More details to this question:
As part of a divorace I ended up with a Lexus convertible finanaced by my ex. It was not very useful to a single mom. My fiance who I live with sold his truck and purchased a Toyota Highlander for me to drive and he drove the Lexus until I was able to sell it. I had $3k equity in it and I got a $10k tax refund which my lawyer said to put into a car., We found a great deal on a holiday weekend on a new 2011 truck it was cheaper than used ones we looked at . I could not of course get a car loan for the truck or refi the Highlander. I offered up the money to the fiance to put a 50% payment down on the truck - but did not think in the rush to get back on the road to vacation to get on the title. Now it looks like I tried to hide the money, The lawyer says to just have the fiance come up with $13k and payoff the Highlander and title it in my name. No going to happen in time for the bankruptcy - so what else can we do? Don''t want to refi at a high rate.
1 ANSWER
Personal Injury Attorney serving Fall River, MA
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Botelho & Associates, LLC
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If you have already filed bankruptcy or plan to in the next 2 years, you must disclose this transaction to the Bankruptcy Trustee. At this point you may not be able to get on the title, as the loan company would be holding the title. You could contact the loan company and explain the situation, they may allow you on the title and as a co-borrower, Under no circumstances attempt to conceal this transaction.
I have responded to your inquiry according to the laws of Massachusetts, where I practice. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.
Joseph F. Botelho, Esq.
BOTELHO & ASSOCIATES, LLCAttorneys At Lawwww.massachusettslawyeronline.com
126 Shove Street Unit 202 Fall River, MA 02724
Office: 888-269-0688Cell: 508-801-6747FAX: 877-475-8147
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Answered on Dec 15th, 2011 at 2:53 PM