This is really going to be a matter of fact. If the title is in your name, and shows no encumbrance (lien) - or you have the document showing a release of that lien...than the trustee can take a hike...OK - provide him copies of those documents (and any other bill of sales and receipts for money you have) and suggest the his problem is the Debtor providing wrong information in their sworn statement.
Vehicles are considered secured property and the debt is not dischargeable in bankruptcy action. The situation cited would not place the vehicle in jeopardy depending upon the way the vehicle title is worded and the exemption status. In such a case it is highly unlikely the bankruptcy trustee would order the vehicle sold. That being the case any decision concerning the vehicle would belong to the lender not the bankruptcy court.
Ontario law allows a bankrupt to claim an exemption on a vehicle valued at $5650 or less. If the current value is greater then the vehicle vests in the trustee and the bankrupt or a family member can repurchase the trustee's interest. The exemption threshold differs in each jurisdiction but as the vehicle is unencumbered and in in your name it is your asset regardless of who paid for it.
Bankruptcy affects debts and creditors, not vehicles. A debtor owning a vehicle exempts it or the equity in it if there is a car loan. The debt is reaffirmed. This is all part of the public bankruptcy record. If the vehicle is not exempted, the trustee takes and sells it as part of the bankrupt "estate." If there is a chapter 13, and the debtor wants to sell the vehicle, s/he will have to get the court's permission. Either the trustee or the debtor would ask the court to sell free and clear of all liens. There are a number of potential problems if you are the buyer or the bankrupt seller, so get a lawyer.
Yes, if the trustee approves the transaction, (and of course, can find a lender). Necessary financial matters are generally approved by the court, for example if the petitioner needs the vehicle for transportation to their place of employment.
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
When participating in a Chapter 13 bankruptcy, all major financial transactions must be approved by the bankruptcy trustee. One of the factors the trustee will take into consideration is if the transaction is necessary. For instance the purchase of a vehicle for transportation to a place of employment would probably be allowed. The purchasing of a home might not qualify as a neccessity unless it was an issue of health/safety.
The debtor cannot sell nor transfer any property without the permission of the bankruptcy trustee or until the BK has been discharged and closed.
No. All information that is submitted in bankruptcy is presumed given under oath. There are specific documents that must be presented, but the trustee does not verify records unless there are mitigating circumstances. Any fraudulent information or attempt to conceal assets will be treated as a criminal offense. And that is "the truth, the absolute truth and nothing but the truth".
A vehicle is secured property therefore the debtor has only two choices when declaring bankruptcy. If the vehicle exemption protects it, then the debtor may reaffirm the loan if the lender is willing and keep the vehicle. If the exemption does not protect the vehicle, it will be taken by the trustee sold, the debtor will receive the exemption amount but will have to pay the lender the sale deficit plus any existing fees. When new bankruptcy laws are activated in Oct, 2005, the debtor will have to pay the entire loan amount regardless of whether the vehicle is kept or forfeited.
The way this question is worded implies you want to manipulate the inheritance to avoid including it in your bankruptcy. If you become an heir to land or any property (cash, motor vehicle, etc.) prior to filing or while you are in bankruptcy, or within 180 days after discharge, you must disclose the inheritance to the trustee and the court, even if you have not actually received the property. There is no "waiting."
I believe you can if you are not thinking of filing bankruptcy before you get the new loan (hint-hint), or if some other transaction(s), after the new loan, makes you default and then you need to file bankruptcy. Paying off the lease will not make the vehicle immune to BK action. Actually it may make it more succeptible for seizure by the BK trustee if the allowed exemption does not protect the vehicle.
Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.