Expert: Mark J. Markus- California Bankruptcy Attorney - 7/17/2008

Question
I filed Chapter 7 bankruptcy, and just attended my meeting of the creditors today. Come to find out, my dad had put an ATV in my name as well as his, in case of his death. I have never had access to this ATV, or made any kind of payment. Unfortunately, it is completely paid off. My father has proof that he, and only he, paid the amount of the ATV in full. It isnt even used or stored here in the area where I live. Not for the sympathy vote, but my dad is disabled and uses the ATV to get around his property, and I dont know what he will do without it. I informed my trustee of this information, but nonetheless, he says he will try and take the ATV. Is there anything I can do to try and prevent this? Does it mean anything that his name is also on the title? Any help is appreciated. Thank you so much.

Answer
There's not much you can do except either convert your case to a Chapter 13 and do some sort of repayment plan, or stay and fight the Trustee by arguing that you only have a legal interest (but not an equitable interest) in the ATV because it was all your father's, he made all the payments, etc.  I doubt that will convince the judge, but that might be your only chance.  The truth of the matter is, your father gave you a gift of an interest in the property (I don't know if it's only 50% interest or what, but whatever it is--it was a gift) and to my knowledge you can't disclaim that gift at this juncture.