I share ownership of my vehicle with someone who is filing bankruptcy will I lose my car? 15 Answers as of August 24, 2013

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Law Office of Thomas C. Phipps | Thomas C Phipps
If the vehicle is titled in two names, the trustee should not try to take the vehicle.
Answer Applies to: Missouri
Replied: 8/24/2013
A Fresh Start
A Fresh Start | Dorothy G Bunce
Impossible to say without knowing whether the car is financed, what the car is worth, or knowing if the person filing owns any other vehicles.
Answer Applies to: Nevada
Replied: 8/14/2013
Law Office of Norman Moore
Law Office of Norman Moore | Norman P Moore Jr
That is hard to say without more information. It is possible that you would lose the vehicle, but you would have a chance to "buy out" the co-owner, I am sure.
Answer Applies to: Wisconsin
Replied: 8/14/2013
Law Office of Michael Johnson
Law Office of Michael Johnson | Michael Johnson
Possible if there is equity. You need to discuss with the co-owner
Answer Applies to: Florida
Replied: 8/7/2013
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
It depends if there is equity in the vehicle and if the trustee wants to seize it to liquidate it or not
Answer Applies to: New York
Replied: 8/14/2013
    Stittleburg Law Office
    Stittleburg Law Office | Bernd Stittleburg
    That depends on who is paying for it. If the payments continue to be made, then no you will not lose the car. It also depends on who the primary signer is on the loan.
    Answer Applies to: Georgia
    Replied: 8/14/2013
    Law Offices of Ezra N. Goldman
    Law Offices of Ezra N. Goldman | Ezra Goldman
    It depends on your contract but generally, no. You won't lose it but you will be 100% responsible.
    Answer Applies to: Michigan
    Replied: 8/14/2013
    Wellman Law LLC
    Wellman Law LLC | Keith A. Wellman
    There are two ways to lose a vehicle if you're a joint owner and the other files for Bankruptcy. First the Trustee would potentially be able to liquidate it if the applicable exemptions do not protect the vehicle. This is probably not very likely in most cases. Under Kansas exemptions the motor vehicle exemption protects $20,000 in equity. There are other considerations that could protect the vehicle, such as an equitable ownership right for the person that paid for the vehicle (in some states). The other way to lose the vehicle is to cease paying an associated secured loan (e.g. a financed vehicle or title loan).
    Answer Applies to: Kansas
    Replied: 8/14/2013
    Law Office of Marissa L. Vandersluys | Marissa Vandersluys
    If you are a co-signor on the debt, then the creditor is able to repossess the car if payments are not up to date. The bankruptcy of the other co-signor may affect your credit as well. There is a way for the debtor to reaffirm the loan so as to keep the car.
    Answer Applies to: California
    Replied: 8/14/2013
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    Not necessarily, but would need more facts.
    Answer Applies to: California
    Replied: 8/14/2013
    Law Offices of Patrick Edaburn | Patrick Edaburn
    That question can have a lot of answers depending on the details. If the car is still being paid for then payments need to continue or the car will be taken back. If the car is owned without payments then it depends on how the car was listed in the petition and such.
    Answer Applies to: California
    Replied: 8/14/2013
    Law Offices of W. George Senft
    Law Offices of W. George Senft | W. George Senft
    Is the car paid off? And what's the value of the car? Is the other person filing a Chapter 7 or Chapter 13 bankruptcy?
    Answer Applies to: Oregon
    Replied: 8/14/2013
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    If there is a loan on the car, as long as the payments remain current you will not lose the car. Nevada allows a debtor to keep one car so long as there his no more equity than $15,000 (market value of the car, less and bank lien). So long AA you so not exceed the value allowed the car would be exempt or in other words you could keep the car.
    Answer Applies to: Nevada
    Replied: 8/14/2013
    Mark S Cherry, Attorney at Law, PC
    Mark S Cherry, Attorney at Law, PC | Mark Cherry
    Possibly, but you need to provide more essential information such as if there is a loan, the value of the car, exception availability.
    Answer Applies to: New Jersey
    Replied: 8/14/2013
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    No, as long as you keep making payments on it you can keep it.
    Answer Applies to: California
    Replied: 8/14/2013
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