R
RJU214
Guest
What is the name of your state? Arizona
Getting ready to file petition today and need a quick answer to this question as am in disagreement with spouse:
On the Statement of Financial Affairs, the following portion needs interpretation....
List all property, other than property transferred in the ordinary course of the business or financial affairs of the debtor, transferred either absolutely or as security within one year immediately preceding the commencement of this case. (Married debtors filing under chapter 12 or chapter 13 must include transfers by either or both spouses whether or not a joint petition is filed, unless the spouses are separated and a joint petition is not filed.)
We had three vehicle transfers within the last year, first was a vehicle trade-in towards the purchase of another used vehicle (received $300 trade-in), the second was a transfer of title only on one of our vehicles from my name to my husbands name (we are separated) so he could get estimates on repairs and possibly register the vehicle and finally, the transfer to the salvage yard once it was determined the vehicle was beyond repair (received $50).
In my opinion these are all transfers in "the normal course" of our financial affairs. We were not hiding assets or receiving any large monetary gains or using them for security. My husband thinks these should all be listed as these are "transfers of assets".
Can anyone please clarify this????? I don't care whose right or wrong, my only concern is that the PAPERS are correct.
THANKS!!!
Getting ready to file petition today and need a quick answer to this question as am in disagreement with spouse:
On the Statement of Financial Affairs, the following portion needs interpretation....
List all property, other than property transferred in the ordinary course of the business or financial affairs of the debtor, transferred either absolutely or as security within one year immediately preceding the commencement of this case. (Married debtors filing under chapter 12 or chapter 13 must include transfers by either or both spouses whether or not a joint petition is filed, unless the spouses are separated and a joint petition is not filed.)
We had three vehicle transfers within the last year, first was a vehicle trade-in towards the purchase of another used vehicle (received $300 trade-in), the second was a transfer of title only on one of our vehicles from my name to my husbands name (we are separated) so he could get estimates on repairs and possibly register the vehicle and finally, the transfer to the salvage yard once it was determined the vehicle was beyond repair (received $50).
In my opinion these are all transfers in "the normal course" of our financial affairs. We were not hiding assets or receiving any large monetary gains or using them for security. My husband thinks these should all be listed as these are "transfers of assets".
Can anyone please clarify this????? I don't care whose right or wrong, my only concern is that the PAPERS are correct.
THANKS!!!
I like that one.