HELP!Bankruptcy coming!Bought a used cheap car..can i put my name on the title?!

Hi!!
We will be filing for bankruptcy really soon.
I have to give my nice car back this week since i can't afford payments every month which is 700$ monthly+insurance.

I got a used car..really cheap one..paid 700$ for it..
And i don't know if i should put my name on the title or my friend's.
The question -will i be able to keep this little car when filing for bankruptcy ?will it be exemped?What are the exemption laws of the State of Colorado..
I have 2 children and won't be able to survive without a car..
Please help..

My personal feeling is that it would have to be declared ( any purchases within a certain time frame immediately before the filing of bankruptcy ). This doesn't mean it would be forfeited, but I wouldn't put it in someone else's name. That means you would be most definitely lying--and the court clearly isn't stupid. They have seen every proverbial trick in the book.

That being said, I cannot imagine it being worth the courts time to repossess a $700 car, especially one with no lien. The court isn't in the business of taking your livelihood so you cannot work. They are merely trying to recoup money you rightfully owe your creditors. The car very well may not be in jeopardy---but I wouldn't advise putting it in someone else's name ( hiding assets--regardless of how inexpensive they may be, is not legal)--especially if there is a paper trial---like you paid for the car by check, or you already have the vehicle in your name, and suddenly it is transferred a few days or weeks after you purchased it, etc. These are all red flags the courts are *very* good at finding.

I would consult with a bankruptcy attorney in your area. The only thing worse than losing a car in bankruptcy is doing something illegal to keep it. The bankruptcy laws are complex and are changing constantly. The only way to protect your interest is to consult with an attorney well versed in the same. He (or she ) can keep you from making costly as well as perhaps illegal errors that could cost you so much more than a $700 car.

Contact a bankruptcy attorney in your area. Different jurisdictions have differing definitions of the assets that can be included in a bankruptcy. Generally, I believe work vehicles valued at or less than $3000 can be claimed as a personal property exemption but again, I can't stress strongly enough that you at least consult with a BK attorney in your area. I'd also as strongly suggest you attempt to hide nothing, i.e. title a vehicle in someone else's name; the courts don't look kindly on those who attempt to mislead.

I've forwarded a strictly informational link via private message above; this is only a summary, and not to be used in legal decisions. Hopefully, it'll help form the questions you need to ask during that prelim consultation. If already have an attorney, I'd suggest you make certain to go over your schedule of assets well ahead of time. Hopefully it's not too late to make sure that vehicle can be included correctly. (An opinion here, not to be construed as legal advice.)

Good luck.

Personally i think you might not have to file any information about that car as it could be considered as a personal property based on the value but still an attorney at colarado should have an correct idea but most probably your car is safe.
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sathyan

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