Q: I am filing BK. Gifted a truck w/$500 BBV to friend 7 mths ago. Now they don't need it. Advise they gift it back to me?
A:
The trustee could ask for the truck which you gave to your friend as a gift but you might have available exemptions for the truck anyway. Please discuss the details with an attorney as what happens here will depend on various circumstances.
Information provided for informational purposes only and should not be taken as legal advice.
A:
Depends on how much the truck was worth when you transferred it, and what bankruptcy exemptions are avaialble.
I strongly suggest sitting down with a bankruptcy attorney to get this transfer mapped out on paper, and then determine what is best to do. It is not a fatal move that you did this, but you need to be careful in backing your case out if the weeds.
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