if i file bankruptcy and I have a car, my daughter has a car and my other daughter has one leased and their all in my name. How would this affect us
1 Answer from Attorneys
Well, for purposes of the Bankruptcy Court, they're all yours. So now its just a question of equity, if there is any. If there is, how much? If it's too much, you might not be able to keep them;, if not very much, or none at all, you're probably just fine. The leased car isn't an issue; you have no ownership interest in that car, due to the nature of a lease.
By the way, assuming the equity is not a problem, you (or somebody) obviously must keep the payments up on those cars; or, to quote an old bankruptcy attorney, nobody should ever confuse the Bankruptcy Court with Santa's Village. Keep the car payments up if you want to keep them!
Todd Mannis, Esq.
Law Offices of Joseph A. Mannis
Tel: (818) 591-9890
Email: [email protected]
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