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Old 10-11-2000, 01:20 AM
nc7ps
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My dad lives in Texas,I live in WI. He will be filing ch7 soon. He owns two vehicles,one of which I intend on buying from him.It is an old truck that was rebuilt but no value has been assigned to it. I was going to purchase it for $8000 and pay it in monthly increments of $1000. The truck is paid for but if I sell it to him, will I run into any problems?Would it be better if he were to just gift it to me? Or can he keep the title in his name until after filing ch7 and sell it to me some time afterwards? Thanks for any advice you may have!
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Old 10-12-2000, 12:53 PM
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It is an asset and as such, will need to be reported either as a vehicle in possession or a recent sale.

Depending on his specific situation, he might be able to keep it after the bankruptcy (in Texas, one vehicle per licensed driver in the household). After the bankruptcy, he could do with as he pleases. Including paying his victims (er.. creditors) with his $8,000 windfall. But, that would mean that he would have to be honest and responsible. Is he????


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Steve Halket
Judgment Recovery of Houston
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This is my PERSONAL OPINION and is not legal advice! Consult your local attorney for your specific situation and laws!
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