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save or lose this asset in bankruptcy?
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Posted by debtvolks
(68.2.207.101) on August 14, 2004 at 19:20:19:
please let me be clear: WE ARE NOT TRYING TO HIDE THIS ASSET OR DEFRAUD. just asking questions:
the only real asset at risk we have is an old truck... family heirloom.
if i put it in the paper, i might get 2K. we told atty we might sell it to my parents for his fees; he didn't blink an eye, so i guess either it is kosher, or he didn't see past his fees! wouldn't that be favored disposal of an asset? i have also run across advice that we could use the truck as SECURITY to BORROW the money from my parents - the other creditors would have to be paid AFTER them, so they wouldn't bother about forcing the sale. so the theory went! not trying to hide an asset or break the law; just want to make sure we don't needlessly lose one........ we are in AZ; have 2 other cars we will be able to keep (waaaaaaay under the 5K limits!).
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