Auto title transfer

[lostintwilight]

Oregon. My brother is looking into filing for bankruptcy in the near future. He wants to transfer the title of one of his vehicles, a 1977 Corvette which is paid off, into my name. I would not be driving it, nor would it even be on my property. He says he would not be driving it, because it would be uninsured. But I still don't feel good about getting involved. Is there any legal reason why I should decline?What is the name of your state (only U.S. law)?

 

[justalayman]

fraudulent transfers

research it.

 

[Bosco]

fraudulent transfers

research it.

May or may not happen here, depending on how it's done.

My personal advice is to speak to an attorney who specializes in asset protection. If there are any loopholes that you can use, they will know how.

 

[cosine]

Pay him the Kelley Blue Book value for the car if you want to make it a legal transfer. He can pay some of his debts with that money.

 

[justalayman]

May or may not happen here, depending on how it's done.

My personal advice is to speak to an attorney who specializes in asset protection. If there are any loopholes that you can use, they will know how.

for Pete's sake. This is the most blatant attempt at such. Did you miss all of this:

I would not be driving it, nor would it even be on my property. He says he would not be driving it, because it would be uninsured.

the vehicle would be transferring title in name only.

and especially since there is apparently no money changing hands.


Can you really say with a straight face it is not an intentional effort to hide an asset from the courts? If done within the time frame a BK court will look back, it's going to be a sign with a road flare on it.

 

[lostintwilight]

Please understand the reason I posted here in the first place is because I know absolutely nothing about legal matters, in this case, the transferrring of a title.

Honestly, I don't understand what most of you are advising, but yes, my brother is attempting to protect his Corvette from the courts, and there will be no exchanging of money. As to whether or not it is legal, I have no idea. That is why I don't feel good about it, because I know nothing about it.

What else do you need to know to answer my question: Would you get involved in this?

 

[justalayman]

I wouldn't be involved with it.


what is being talked about is the intentional act to defraud the courts. I believe the look back is 1 year (don't quote me). If they discover such an attempt, they can reverse the transaction and they can deny the bankruptcy. Then, after they take the non-exempt assets, liquidate them and pay the creditors as they can. Any remaining debts will still be debts because the bankruptcy will be discharged without action against any of the creditors.

there can be criminal action against the filer and if the buyer acted knowingly, against them as well.

 

[Bosco]

Can you really say with a straight face it is not an intentional effort to hide an asset from the courts?

Of course it's an attempt to hide the asset, hence why I advised him to speak to an attorney that specializes in such to see if it could be done legally.

 

[justalayman]

Of course it's an attempt to hide the asset, hence why I advised him to speak to an attorney that specializes in such to see if it could be done legally.

Of course it can be done legally but what they are considering isn't legal and that is what OP asked about. Depending on the totality of the circumstances and when brother files for BK, it is quite easy.