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John owed Paul $10,000.00. John transferred his car worth $10,000.00 to Paul to satisfy the debt. Two months later John filed bankruptcy. His total non-exempt assets were about $20,000.00 and he owed unsecured debts of $90,000.00 John's trustee in bankruptcy demanded that Paul surrender the car. Paul refused saying he acted in good faith and that the car's value did not exxeed the amount he was owed.
Problem a. Can Paul keep the car. Explain.
Problem b. Instead of the above, among John's assets are the following: His residence valued at $500,000.00 with a mortgage of $490,000.00; a car with a value of $20,000.00 and a loan of $16,000.00 against it; a boat with a value of $30,000.00 with a loan of $5,000.00 against it. How will the Bankruptcy Court and Trustee deal with these assets?
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