Missouri Illinois Bankruptcy Attorney Foreclosure Reposession of Car

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Bankruptcy Law Frequently Asked Questions (FAQs) | Missouri & Illinois Common Bankruptcy Legal Questions

Q: I don’t want to give up my car. Can I transfer it to my mother before filing?

A: Transferring any of your property right before you file bankruptcy is not only ineffective, but can be considered fraudulent and result in the denial of your discharge. There seems to be common confusion on what a “transfer” is. For instance, some think, “My name was on their house and I just signed a quit claim deed to them. They live in it, so, that isn’t a transfer, right?”Unfortunately, that is a transfer and will be considered as such. Any assets that you’ve transferred within the last two years can be recovered by the bankruptcy trustee—making the transfer of them  to keep them out of your Missouri or Illinois Chapter 7 or Chapter 13 bankruptcy completely pointless.

Many people still believe some of the myths about bankruptcy, like “I will lose everything I have!” to be true. The trustee needs a complete list of your assets and debts to get an accurate picture of your financial situation—and make the best plan possible for you to get out of your debt. Plus, a St. Louis Missouri or Fairview Heights Illinois bankruptcy attorney is there to protect the assets that are most important to you.

Remember, you always have options but you can’t find the best plan for you if you don’t tell the truth. If the exemptions provided in a Missouri or Illinois Chapter 7 bankruptcy are not enough to cover the property you want to keep, a great Missouri or Illinois bankruptcy lawyer would recommend that you consider filing a Chapter 13 bankruptcy, in which most of our clients don’t lose any property at all.

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