can I file bankruptcy while having two cars on a loan?
I am in the process of considering filing bankruptcy and I have 2 cars that I have and they are both on loans….one is for 6900 and the other one is for 3000 I have both of them because one is for me and the other one is for my boyfriend he pays his and I pay mine and I have never had a problem with him paying his car payment.. (just in case some of you want to say that I shouldn’t have a car in my name for someone else I already know this) Thank you!
Posted August 14th, 2010 in Bankruptcy Q And A. Tagged: car payment, cars, filing bankruptcy, loans.
I would recommend selling his car to him so it’s not at risk, preferable 3mos before you file. They probably wont take your primary vehicle, but you’ll have to reaffirm the debt.
August 14th, 2010 at 2:44 pmIn most states, you can only keep ONE car in a bankruptcy. You will have to keep the loan for any vehicles you keep. You MAY be able to sell him the car at FULL MARKET VALUE so he can keep the car. If you attempt to transfer the title to him for less than market value, the court will undo the sale.
August 14th, 2010 at 2:44 pmbf needs to become the legal owner of the car he is using. contact the lender and ask about having the car re-financed in his name only ( best) or getting his name added to the loan and the title.
August 14th, 2010 at 2:44 pm