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]
Related Questions & Answers
What is the median income threshold/ceiling for filing bankruptcy in CA? Is it set... Asked 5/14/13, 6:38 pm in United States California Bankruptcy Law
I want to file bankruptcy but i understand that bankruptcy discharges contracts i... Asked 5/09/13, 9:30 pm in United States California Bankruptcy Law
I have a mother-in-law who is 76 years old and has acquired some credit card debt... Asked 5/08/13, 12:22 pm in United States California Bankruptcy Law
If you are behind on payments on a car at the time you file for Chapter 7... Asked 5/02/13, 5:54 pm in United States California Bankruptcy Law
We borrowed $89,000 in 1982, and secured the loan with a Deed of Trust. We have... Asked 5/02/13, 8:29 am in United States California Bankruptcy Law