Are gifts exempt from bankruptcy? 6 Answers as of October 27, 2010

If I was given a truck from my relative and my name is not on the title and it is more than 5 years old are they gonna take it from me in the bankruptcy? We are thinking of Chapter 7.

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Whether any asset can be taken from you in a Chapter 7 case is a function of what exemptions you have available to you under applicable state or federal law. This depends on where you have lived for the 2 years prior to filing your bankruptcy case. A gift to you is no different than an item you purchased. You either own it, or you don't.
Answer Applies to: California
Replied: 10/27/2010
Ariano & Reppucci
Ariano & Reppucci | Chris Ariano
Your truck should not be taken if it is not in your name. Essentially it is not a gift if the person giving the gift has not transferred the title over to you. However, you will have to disclose that you are using the vehicle.
Answer Applies to: Arizona
Replied: 10/27/2010
Diana K. Zilko, Attorney at Law
Diana K. Zilko, Attorney at Law | Diana K. Zilko
Typically, vehicles fall under the allowed exemptions in a Chapter 7, and the debtor is permitted to keep them.

If you have any further questions, please let me know.
Answer Applies to: California
Replied: 10/27/2010
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
Gifts can be exempt, if they fall within the scope of an exemption. Consult with an attorney to be sure.
Answer Applies to: California
Replied: 10/27/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
All property, gifts included are subject to bankruptcy jurisdiction.
Answer Applies to: California
Replied: 10/26/2010
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