First, I want to thank everyone for their thoughts. It does make ME feel better about my decision.

But you know, when you shared life and death situations (from another "life" that I seldom talk about) with someone, you feel stronger obligations and bonds to them.

Reading your replies, also made me realize THE FATHER is my friend.....not the son (who by the way, I seldomed seen or talked with after he grew up). I'm still really disappointed in my friends support of an probable illegal action....and his ethics. But, I guess when your love ones are in some type of turmoil, judgement can be altered. Anyway, some time in the near future, I'll try initiating contact and talk things out.

Second, regarding the "toys"........I never really asked if there were liens on them. I just assumed they were paid off, recently titled in other relative names, and was trying to hide them (for his use) to prevent the forced sale to satisfy creditors. I'm not real sure how bancruptcy works; from casual conversation through the years, I've been told that your principal residence and one vehicle are exempt from the proceedings (the son has a GMC Pick-up, the wife has an Escalade SUV...couple years old).

Bottom line....I really don't know the exact intent of their actions. Might even be to flim-flam for a new mortgage under the Obama Rules.

Anyway, thanks again for the responses....especially you, "crafty", I didn't relize that bancruptcy was in federal jurisdiction....You ALL are a great bunch.

 

We aim to please, Snoop.

BTW, in general, all the assets of a petitioner are subject to the control of the bankruptcy trustee. However, if your house is paid off and you live in a "homestead" state, or your cars are paid off, the court may not attach them to the estate. It really depends a lot on local laws and court rules at that point, and the general mood of the creditors and trustee, whether you're filing 7 or 13, etc.

Like I said, even just hiding free and clear assets from a trustee is a very BAD idea.

 

They are reaping what they have sown.
You did the right thing to stay out of it.
My cars, bicycles, guns, and house are all paid for.

 

You did the right thing. If you are holding items that are part of a fraud like your friend is trying to do, you are part of it as well.

 

Being a member who always respected and enjoyed your knowledge, thoughts and ideas, here's my two cents for what it's worth! From the get-go your so called friend should not have included you and your family in his families problems! If his kid and family are in a financial situation in which they might have to liqudate there assets then so be it! He should be more of a parent and teach his kid the right thing to do about manning up and paying his debt! Not hey, I got a buddy where we might be able to store your belongings and get over on his kids creditors.

I personally have been laid off since October and don't have the greatest financial situation! The wife and I have had to cut back where we can and are not sure where else we can cut back at! The second to last thing I want to do is to default on any of our bills! The last thing we would "EVER" do is to involve friends in any of our financial situations, legal or not!

I totally understand your feelings towards your friends reaction, don't sweat it! If he let's this effect your friendship than so be it! Heck he should appologize to you for even thinking to have asked you to be apart of it.....

 

Sometimes doing the right thing is the hardest thing to do. Not aiding him in doing the wrong thing was the right thing to do. He's got none one to blame but himself.
Own up, sell off the toys, pay the bills and be responsible. Snoopy, your not his personal bail out system!

 

I might learn alittle on Bankruptcy my Sister is talking to a lawyer on filling. Only thing i know is her car is NOT paid for and they said she would be able to retain it.

Her situation is basically Stupid, Hate to say it since she is my sister, but seeing what's going on with economy and Unemployment.Being 23yrs old and having to file Bankruptcy is just stupid. Needless to say she owes more on Credit Card's then anything, all she does is buy Crap, that is not needed when your still living at our parents house.

 

You did the right thing.
My definition: Integrity - telling the truth, honoring our commitments, exemplifying in actions the values we profess to admire.
If he is really your friend he will calm down, get past this perceived crisis and come back.

 

he should be selling those things anyways if he doesnt have money.

 

there is rtp-research triangle park-galaxo-worlds largest pharmaceutical co , ibm , epa , and other gov researchers, many others , duke university , duke labs , duke hospital , va hospital , unc , nc state , wake forest university , more phds here than any other us city. everthing was growing like crazy around here , it really hasn't slowed down much. raleigh-durham airport was just remodeled also. i would like to move to small nc coastal town , but i will probably not as long as i have family here.