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Need ADVICE!!!! Should we transfer the title...


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A few year back I borrowed money from my brother in law to buy a truck (even drafted a legal contract with him). Since my fiance was home with our kids all days I just had her title the truck in her name since it was hard for me to get down to the DMV in time. Now the truck is paid off but she is being summoned for some old credit card debt of totaling about $20000. I am worried about them going after the truck should she lose (blue book is about 13k). Should I transfer the title into my name or will that just look worse? Would the fact that I have a contract stating I am the one who actually made the payments on the truck.

Other facts in case it matters: We live together with our 2 kids, and share a bank account. Should I have her get her own account?

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I would change the truck title and have her get her own bank account. You need to make these changes before she is sued or has a judgement against her. You have nothing to lose and everything to gain. If you wait too long it could be viewd as a "fraudulent conveyance". An attempt to hide assets from a creditor. I don't think it's neccesarily criminal (unless you are dealing with the IRS, or lie about the transfer if asked). But, the court can demand that the property be returned in order to satisfy a debt. The question is how far would the creditor go to find out about the transfer and would they pursue it in court. The more obstacles between them and the $$$, the more likely they are to give up (generally).

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But, the court can demand that the property be returned in order to satisfy a debt.

The property is in her name but has nothing to do with the debt. I would imagine the only thing that could happen is it could have a lien put on it. Of course I am no atty or even that knowledgeable but from what I have read that is my understanding. I am just giving my input. If anyone can correct or verify this, That would be great.

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Interesting info - thanks for that link. I was not aware of that. :shock:

I did, however, go to the sunbiz site and pulled up about a dozen of these judgment liens... not one had been acted on - some for more than 2 years since filing.

Aparently, there's more to this than that site let's on - it's not as simple as winning a judgment and having the police come tear everything out of your house...

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Interesting info - thanks for that link. I was not aware of that. :shock:

I did, however, go to the sunbiz site and pulled up about a dozen of these judgment liens... not one had been acted on - some for more than 2 years since filing.

Aparently, there's more to this than that site let's on - it's not as simple as winning a judgment and having the police come tear everything out of your house...

That is something I have yet to do. I need to research other judgements and the outcome. It would be very interesting to find out what percentage of cases are won by CA's vs defendants(that actually responded to a complaint). Also what action was taken by the CA if won.

It could be usefull info.

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I am not up on the particulars of liens and judgements. I just know that some people get "creative" after being sued and say, "sell" their $15,000 car to their brother for a couple of hundred bucks, but they continue to keep it and drive it. Things like that can get you in trouble. If the asset (the car) was sold for less than fair market value, or you keep control of the property, the courts can invalidate the transfer. It's just something to keep in mind. If you have some assests and think you may get sued, it pays to do some homework on LEGAL asset protection strategies. There are many good books out there. Arnold S. Goldstein has a pretty good and simple one.

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