security intrest

[bevelyr]

this is from missouri. if a person paid off a truck on the 2nd of feburary and transfered proprerty to a friend on the same day by way of a security intrest, then filed bankrupsy on the 18th of april, what are the odds that he will be able to keep the truck? his first court date was may 25th.

 

[bigun]

What do you mean by security interest? If the transfer was for below market value you have a fraudulent conveyenance on your hands and your chances of keeping the truck are remote. I hope you were truthful with the trustee if the subject was raised.

 

[mary ray]

Is the question,What is a security interest? What fraudulent transfer? The truck was paid off. Owner of truck then sold truck on credit to buyer, buyer is paying for truck in installments. Seller has a security interest in the truck until truck is paid for. Trustee would have no way of raising this issue if petitioner didn't list on BK petition. He should list asset on schedule B of BK petition Don't assume facts that are not at issue.

 

[bevelyr]

let me explain further... my ex paid off his truck so he could keep it, his lawyer told him that was a dumb thing to do so he took his live-in girlfriend to the court house and took out a security intrest in the truck in the amount of 3,200. the truck is worth 6,500.ha ha everything about his bankrupcy is fradulant, he said he has to send papers in on the truck, i'm assuming it is being reviewed. my guess is the truck is worth closer to 9,000. he has lied about all of his assets, and his income. it makes me half sick because he planned this out and has ruined my credit in the process. i'm hoping he gets his due.

 

[bigun]

Kinda what I thought. Everytime you see a question like that and a friend and bk are involved it's asking for trouble. Sorry it has affected you