What can I do if a joint title holder on my caris filing for bankruptcy?
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What can I do if a joint title holder on my caris filing for bankruptcy?
I own a vehicle that I purchased legally from my uncle this year. My dad added himself joint on the title even though I paid for it and it is mine. He did this so I could get a cheaper insurance rate. I just found out that my dad is filing for bankruptcy and I am worried that they will try to take my vehicle because he is on the title. I would like to have my dad sign off on the title and have it strictly in my name so that he is not able to use it in the bankruptcy. Is this possible without being considered fraud? I do have a statement from my uncle stating that it was bought and paid in full by me.
Asked on November 15, 2010 under Bankruptcy Law, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You are wise to realize that the transfer of the ownership to you so close to the filing of the bankruptcy may indeed be set aside as a fraudulent transfer. You need to be pro-active in this bankruptcy filing. From my understanding of what I have read, the Michigan exemptions for the bankruptcy may not be so beneficial in the end for you with the car. There seems to be no specific exemption for vehicles under the Michigan Law but you have the option to use the Federal Exemptions and they have a vehicle exemption of up to $2,775.00. You did not mention how much the car was worth but if his half would be within that range then you may be able to keep the car. Get legal help here. Good luck.
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