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Transferring an asset after being sued

by Dan
(Los Angeles, CA)

I got a summon today for alleged debt and has 30 days to respond. I have a car under my name and my son is paying the car and using it. I still have 3,000 loan balance and my son will borrow personal money to pay it off and then I can transfer ownership to him so that it can be protected if ever I lose and get the judgement from the court to seize any property under my name. If the transfer occurs before I get the judgement, can they reverse the transaction or can they still put a lien on the title even if my son already owns it. My son is not part of the lawsuit because I am the only one being sued.

Thank you very much in advance for your response.

Comments for
Transferring an asset after being sued

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Dec 29, 2010
 Transferring Asset After Being Sued
by: Mary

Thanks for getting in touch.

I do not recommend transferring your vehicle into the name of your son at this point -- now that you have been sued -- because if you lose the lawsuit, the creditor who sued you will be entitled to have the transfer undone so that it can collect the money it was awarded by the court by taking that asset. Furthermore, trying to protect assets from a creditor after you've been sued is illegal and the transfer you are considering would be treated as fraudulent. Therefore, it's possible that by making the illegal transfer you could create additional problems for yourself.

I strongly advise you to get legal help, especially given that in your question you refer to the debt you've been sued for as a "alleged debt", which leads me to believe that you do not think you owe it. You can schedule an appointment with a consumer law attorney in your area who helps consumers resolve their debt collection problems. Find out how to get FREE or low cost legal advice about debt collection from a consumer law attorney here.

One such attorney is Robert Brennan, SoCalCollectionAbuse.com. He is located in the Los Angeles area and helps consumers in situations like yours. Your first appointment should be free. He also co-authored the California edition of my book, Debt Collection Answers: How to Use Debt Collection Laws to Protect Your Rights, which is available here on this site.

Depending on the details of your situation, filing for bankruptcy may be a good option for you. When you file, the lawsuit will be halted giving you time to decide how to resolve your debts. Click here for a free consultation with a bankruptcy attorney

Bottom line, get legal help immediately. I suggest first meeting with a consumer law attorney and then depending on what that attorney recommends, you may want to meet with a bankruptcy attorney next. Good luck resolving your legal problem.

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