Legal Question in Bankruptcy in Indiana

I need help ASAP please

Here is my situation, I don't owe much out, married and kids. Own my car worth 4000 and a ''hobby'' vehicle worth 4000. I'm being sued for approx $50,000 (wrongfully). Everything is in just my name (even house) except my wife's car. What is my options? What should I do prior? Should I sell the car and hobby? Put in wife's name? I'm just trying to get away from lawsuit, and plan to continue to pay everything else off... please help!!!


Asked on 3/08/03, 12:21 am

1 Answer from Attorneys

Samuel Hasler Samuel Hasler

Re: I need help ASAP please

the problem is that there is a thing called fraudulent transfer. That is where one transfers assets to avoid creditors. I am assuming that the vehicles have nothing owed on them or you would not be claiming their value. You have not mentioned the type of vehicles. You might want to check out Kelly's Blue Book - which is online - and see if you really have any assets (rather than just debt secured by the property). Have you consulted an attorney about the lawsuit? If you have just been served with papers, you should do this. If they have a judgment, then you are pretty much stuck and the person suing you can now try to collect the judgment by garnishing your pay check and/or attaching property. Also, all assets and debts must be listed on your bankruptcy petition. You do not get to pick and choose. You do not mention where you are in Indiana but you need to contact an attorney immediately. You are in a situation where the details must be examined in detail -which cannot really be done here - and where you could end up shooting yourself in the foot.

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Answered on 3/08/03, 8:43 am


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