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Daemon · Mar 22, 2008, 02:28 AM

My parents have some outstanding debt (right around $33,000) on a mastercard. Today my father seems to have just found out about it and called the company today. He basically told them to accept $30,000 immediately or sue. Now my question, my truck was purchased with my money, I can prove this, but it was transferred into my parents name for insurance purposes. If the credit card company decides to file suit against my parents, can they seize my truck? Is it possible to transfer ownership before suit is filed and avoid it being targeted?

Thanks, J

Fr_Chuck · Mar 22, 2008, 04:14 AM

Yes if it is in their name, they could put a lien on it ( if that is allowed in your state) since it is in their name. If you transfer it back to your name, be sure to have proof it was YOUR money that paid for it.

Also your dad has 30,000 to pay the credit card company??

If he could pay them that much I could not believe they would not settle, since often on a date that is behind a few months they will settle for 80 percent of the debt often.

Daemon · Mar 22, 2008, 10:04 PM

Thank you for your response Fr_Chuck,

They seem the be trying to do a balancing act and to correct myself they are wanting to pay off the majority of the 30k and work off the rest but at a lesser interest rate (the rate now is 20%). Im not sure what's going to happen, but I'm just trying to advise him not to play chicken with a train if you get my drift.

In Texas I'm not sure what the laws are, but I know you can bestow a vehicle as a gift fairly easy and with a bit of haste.

Wondergirl · Mar 22, 2008, 10:35 PM

Originally Posted by Daemon

My parents have some outstanding debt (right around $33,000) on a mastercard. Today my father seems to have just found out about it and called the company today. He basically told them to accept $30,000 immediately or sue. Now my question, my truck was purchased with my money, I can prove this, but it was transferred into my parents name for insurance purposes. If the credit card company decides to file suit against my parents, can they seize my truck? Is it possible to transfer ownership before suit is filed and avoid it being targeted?

Thanks, J

I would guess the credit card company would jump at the chance to get $30K. Like FrChuck said, they would have taken less. I don't think your truck is in jeopardy (if it's not part of that $30K), but get it transferred back into your name until this situation has been resolved. Report the change to the insurance company, or don't plan to have an accident.