undisclosed asset that was sold over a year before filing Chap 7
If you sell a auto and buyer did not transfer the title till a year later and the seller is BK-7 and the Bill Of Sale was dated in 2002 way before the 1 year statute of disposing of assets, but the title was not transferred till within the statute as a donation because the buyer was negligent and avoiding responsiblity in insurance and fees and would have to pay extra. Is the seller in jeporady because of the ''donation'' not being disclosed.
1 Answer from Attorneys
Re: undisclosed asset that was sold over a year before filing Chap 7
It is difficult to determine a concrete answer from your fact pattern. If you are the seller and you filed a Chapter 7 bankruptcy, but the buyer did not take care of the paperwork, you probably need to discuss this issue with your attorney, and possibly amend your schedules to reflect that there is an automobile titled in your name, but you have already sold the vehicle. I trust you sold it for value. Later in your question, you mention a donation. If the sale was for value, and you had spent the money well in advance of the filing of your bankruptcy petition, there will be no issue. If there was a donatin rather than a sale, this also needs to be disclosed in your schedules and statements filed with the bankruptcy court. The issue of when the donation took place, and to whom, have greater implications. I cannot stress enought that THESE ARE THINGS YOU NEED TO DISCUSS WITH YOUR BANKRUPTCY ATTORNEY!
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