Disposal of Property (automobile)

[cjmiller]

What is the name of your state? Ohio

I have a 1999 Ford Escort ZXI that I bought for my 18 year old daughter for $300.00. The car is in my name.
If I put the car in her name now, can the Bankruptcy Trustee come back on me for that? How far back can the Trustee go to look at property transfered to someone else?

Thanks

Chris

[bigun]

Don't do it. They ask about property transfers for the previous 2 years.

[SkankCheese]

I think she already did.

[azatty]

The new law require that you disclose transfers to "insiders" (the definition includes family members) made within two years of filing. But that's the federal law. The trustee also has a state law remedy under the Uniform Fraudulent Transfers Act. The UFTA has a four year/one year statute of limitations (four years from the transfer, or one year after the transfer is discovered if it is discovered more than four years after the fact). So I wouldn't transfer it to your daughter.

Check the blue book value of the car at [url]www.kbb.com[/url]. If the car is only worth $300.00, it is unlikely the trustee will even bother with it. Alternatively, you could buy back the car from the trustee.