8ayou8illy
Junior Member
What is the name of your state (only U.S. law)? Louisiana
I borrowed to buy a used truck but I was told if I registered it in my name it would not be wise. I plan to buy the truck for 5,500 and put it in an immediate family members name. Will the trustee find out? The 401k is not considered a loan since I pay it back to myself without penalties. Again, the truck isn't in my name. Only insurance will be in my name.
Hate to be sneaky but I have to get to work and my old car is needing repairs worth more than its worth. Just seems like a great deal on a dependable truck that'll keep me working and paying on the bankruptcy. Win win for all parties
I borrowed to buy a used truck but I was told if I registered it in my name it would not be wise. I plan to buy the truck for 5,500 and put it in an immediate family members name. Will the trustee find out? The 401k is not considered a loan since I pay it back to myself without penalties. Again, the truck isn't in my name. Only insurance will be in my name.
Hate to be sneaky but I have to get to work and my old car is needing repairs worth more than its worth. Just seems like a great deal on a dependable truck that'll keep me working and paying on the bankruptcy. Win win for all parties