Legal Question in Bankruptcy in Ohio

Bankrupcy and assets

Hi,

I am thinking of filing bankrupcy ch. 7 due to uncontrollable credit card debt from gambling. I also owe my girlfriend money and I have a car. My question is: Can I legally transfer my brokerage account (which has only 600 dollars in it currently in stock) to her as payment to her for my debt to her and then proceed to file bankruptcy. If at a later date her stock money is worth more and I have already filed bankruptcy, can she then give me some money back, or would this be illegal? Also, would they take my car if I file bankruptcy?

Thanks!


Asked on 11/28/01, 11:44 pm

1 Answer from Attorneys
Frank Rozanc Frank J. Rozanc, Esq.

Re: Bankrupcy and assets

Unfortunately, what you propose is probably not going to work. Because of her relationship with you, she would be considered an "insider", and any transfers to her will be reversed if such transfer is done sooner than a year before filing. If your car is worth more than $ 1000.00, and you don't reaffirm any mortgage on it, they can take it.

Read more
Answered on 11/29/01, 5:51 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Ohio