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Lawyer's Corner v2, One-stop centre for any legal queries
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SUSVincentChen
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 Dec 18 2011, 06:51 PM
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Getting Started
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If, my dad declares bankruptcy, the house with joint name of my mom and my dad will be claimed to pay debt(house was bought 11 years back)?? also, if the car is bought 2 years ago, which when my dad isnt in financial problem, the car will be claimed to pay debt?(if he immediately xfer to my mom)
2 more, will my dad's EPF and life insurance be claimed to pay debt....
what are tools of trade, and also, what can be added into exemption, i google bout it at US laws have exemption on certain assets
This post has been edited by VincentChen: Dec 18 2011, 09:20 PM
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SUSVincentChen
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Dec 18 2011, 11:59 PM
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Getting Started
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the car was bought using check 2 years ago at a 2nd hand shop(its for personal travel use, my dad goes bankrupt not because of company, its because he gamble on stock market), for the house, im not sure whether is there any outstanding loan but i pretty sure the installment had paid finish(or almost finish), installment are all paid by my mom every month, my dad just shares the name *thx alot for spending time helping me  This post has been edited by VincentChen: Dec 19 2011, 12:08 AM |
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SUSVincentChen
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Dec 19 2011, 10:41 AM
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Getting Started
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QUOTE(dariofoo @ Dec 19 2011, 02:51 AM) No point transferring name of the car to your mum as the doctrine of 'relation back' would apply and it would nullify the transfer. This transfer is what the law terms as a 'fraudelent conveyance' and is an act of bankruptcy contrary to the Bankruptcy Act. Just sell it off now (not to a family member - sell it to an independant third party) and perhaps get a cheaper car. If the bank still has a charge over the property then the creditors can't touch it. I came across this book not long ago and I thought it was a really informative book and everyone who has a case against a bank (or a potential case) should invest in it (RM15 only!) and read it. How to Represent Yourself in Court to Fight Banks http://www.mphonline.com/books/nsearchdeta...e=9789673204472If your dad's situation is indeed perilous and if he is on the verge of bankruptcy, you might want to get him this book to read and start preparing.  erm, hi dariofoo, if its like that. My dad sell the car to 2nd hand shop, and they pay check for it(the check put my mom name) and my mom use the check go to another 2nd hand car shop to buy a cheap car(under my mom name) and let my dad drive, is it ok ? about the house with the joint name, they cant take right? |
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