Legal Question in Bankruptcy in Arizona
sale of vehicle that is free and clear of liens in order to protect from bankrup
Can we sell a vehicle or transfer title to a friend for a minimum fee in order to retain asset for future use after bankruptcy is final. The vehicle will be stored during bankruptcy proceedings so that insurance will not be necessary. What would the legal minimum amount be? Is this legal? Again, this vehicle is free and clear of loans and liens. It's value is greater than the equity allowed for joint allowance for a vehicle.
Asked on 2/16/00, 11:34 am
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: sale of vehicle that is free and clear of liens in order to protect from ban
This would be fraud. It could easily result in the denial of your discharge and some time behind bars. Do not do this.
Answered on 2/22/00, 6:25 pm
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