If I’m in a Chapter 13, can I give my wife my car so that she can sell her old car?
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If I’m in a Chapter 13, can I give my wife my car so that she can sell her old car?
Asked on January 11, 2014 under Bankruptcy Law, Indiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
No; doing so would most likely be considered a fraud on your creditors (giving up a valuable asset). She could buy it for a fair value, which could even be a bit below the current blue book value, with the discount justified by the fact that it's an easy, no advertising, etc. transaction. But even so, only a little below blue book--the discount must be justified by the ease of the transaction and lack of transaction costs.
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