Legal Question in Bankruptcy in California

Chapter 7 bankruptcy and assets

What method is used to determine assets? If a vehicle is in my name, can I sell it prior to filing bankruptcy? Would there be a way to trace ownership to me if it was never financed?


Asked on 9/04/08, 12:50 am

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Chapter 7 bankruptcy and assets

One of the questions on the statement of financial affairs that's part of the bankruptcy is: "Have you transferred any assets in the past year." You are required to answer truthfully under penalty of perjury. Why would you want to sell the vehicle? You'd have to account for the proceeds. You might be able to keep it, even if you file a bankruptcy. The exemptions in California are very liberal.

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Answered on 9/04/08, 1:13 am


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