Legal Question in Bankruptcy in Texas
I bought my two kids cars and overtime they paid them off... to save them not having to pay the taxes associated with the cars I gifted the cars to them a few months ago. It looks like I may be filing bankruptcy in the next few months...what do I need to do so that my children will not have to lose their cars? Do I need to go back and show I sold them and pay the taxes?
Asked on 11/26/12, 4:22 pm
1 Answer from Attorneys
Greg Wiley
Law Office of Greg Wiley PLLC
This is beyond the scope of a general forum. Bring this up to your bankruptcy attorney. It may or may not be an issue but there are a lot of potential issues here and it will be a case by case basis as to whether it matters.
Best of Luck
Greg Wiley
www.bankruptcy-plano.com
Answered on 12/13/12, 10:04 am
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