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I Own An Old Car That My Nephew Has Used Exclusively For Years. Do I List That As An Asset In My Filing?

Yes, you should list all assets that you currently own, even if they are on loan to relatives.

Because the car is old and likely a “hand me down” within the family, it’s unlikely that it has enough value to be of interest to the bankruptcy trustee.

On the other hand, if you collect classic cars and your nephew has been driving something very valuable for the last few years, you should let him know that he may need to find a new ride, depending on the particulars of your filing.

Even assets that you jointly own, like a house you share with a spouse, should be included in your filing.

Assets where others have a financial stake cannot be surrendered in bankruptcy without the other owners’ permission.

When considering bankruptcy, an experienced Queens bankruptcy attorney can help you understand your options and all the implications of the choices you make.

Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.