310.376.9865
There are a lot of new bankruptcy attorneys in the field now days, some could us more seasoning.
- DO NOT:
- 1. Buy a 2007 BMW and pay $40,000 for it – 9 months before filing bankruptcy.
- 2. List the same 2007 BMW on your bankruptcy petition list of assets and value at $6,000.00
- 3. List the 2007 BMW as a tool of trade when not used in business, nor does it have commercial plates.
- 4. List the 2007 BMW as a secured debt, when the debt is owed to your brother, and you cannot produce a security agreement.
I am guessing there may be problem. IF the debtor fails to produce a security agreement, and evidence that title was transferred to brother within 30 days of purchase, and If the car is worth $35,000.00 and if you have used of all your exemptions, there would still be $10,000 worth of equity in the car unprotected. This means the debtor would have to pay the trustee $10,000 to the trustee, which the trustee would use to pay off a percentage of the money owed to his creditors.
- Law Offices MJ Mann Bankruptcy Attorney
- 2706 Artesia Blvd, Suite BK
- Redondo Beach, CA 90278
- 310.376.9865
