Q: I need to file bankruptcy. I have a horse i have had for a while, but is in my Dad's name. Do I have to list it?
I have had this horse for a while. He is a registered animal. In 1990 I transferred ownership through the Quarter Horse Assn to my Dad to protect it from a divorce. I never transferred it back. The attorney is telling me I have to list it anyway since I still have been taking care of it and paying for it all these years. Something to do with earned equity or assumed equity or something. She compared it to my Dad buying me a car in his name and I make all the payments on it - since I paid for all the payments, it would be the same thing. Is this true? This is a 27 year old horse that is not rideable or useable in any way. I should have never mentioned him but it sure does seem like if I have him in someone elses name, I should be able to leave him off. This is in California.
A: Your lawyer is correct, you must list it.
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