QUESTION
What will happen if I put a car under my grandson's name then filed for bankruptcy?
Asked on Jun 15th, 2011 on Bankruptcy - Georgia
More details to this question:
I bought a car and put my grandson's name on it in case I died, so that he could have a car. I ended up filing for bankruptcy and returned the car and now the bank is threatening to sue him. the bank gave the lost to a receivable company. How can I help him, he really had nothing to do with this.
8 ANSWERS
Litigation Attorney serving Portland, OR
at
Daniel G. Hoarfrost
Update Your Profile
Unless your grandson signed on to the car loan, he has no obligation to the bank.You and/or he may have a claim against the receivables co. for an unlawful debt collection practice.
Answered on Jun 17th, 2011 at 11:35 AM
Bankruptcy Attorney serving Atlanta, GA
at
Saedi Law Group, LLC
Update Your Profile
If your grandson was a co-signer on the account then legally the creditor can go after him for the balance. They only way to protect him is to set up a payment plan with the creditor and repay the balance owed.
Answered on Jun 17th, 2011 at 10:53 AM
Bankruptcy Attorney serving Herndon, VA
at
Maureen O'Malley
Update Your Profile
You could be denied a discharge, as that is a fraudulent act, designed to hinder, delay, or defraud creditors. Your car may be exempt, anyway, so speak to a lawyer about exemption planning.
Answered on Jun 17th, 2011 at 9:31 AM
If the car was in your name first, and was an asset with equity, then what you did was considered a fraudulent conveyance. However in order to pursue you, they need to file an action against you. Generally the action is an Adversary Proceeding. However , if you are asking how to discharge the deficiency debt on the vehicle after surrendering the car to the bank, then it depends on who the debt is under and how this was handled. While your question is somewhat unclear, it sounds as though you are trying to have your cake and eat it too. You need a lawyer. Thanks for tuning in!
Answered on Jun 16th, 2011 at 12:21 PM
Information provided doesn't create an attorney/client privilege nor constitute an offer of services and is only general responses to hypotheticals
Bankruptcy Attorney serving Seattle, WA
at
Symmes Law Group, PLLC
Update Your Profile
When filing for bankruptcy, a debtor should never transfer valuable property out of their name prior to filing bankruptcy. This could be considered a fraudulent transfer and a bankruptcy trustee may actually reverse the transfer and sell the property if it is not protected by bankruptcy exemptions.
Answered on Jun 16th, 2011 at 11:45 AM
Bankruptcy Attorney serving Concord, CA
at
William Rubendall Attorney at Law
Update Your Profile
Unless the lender has a loan signature from your grandson he should not pay for your debt.
Answered on Jun 16th, 2011 at 11:34 AM
Bankruptcy Attorney serving Hayward, CA
at
Carballo Law Offices
Update Your Profile
If your grandson is a co-debtor (his name on the loan) on the car loan then he owes the money. If he is just on title then he does not owe the money. If he owes the money then nothing you can do about it.
Answered on Jun 16th, 2011 at 11:34 AM
Glen Edward Ashman
If he is on the loan and you filed bankruptcy, as your lawyer already told you when you filed, you screwed him badly with your filing. He either has to pay or file bankruptcy.
Answered on Jun 16th, 2011 at 11:32 AM