Legal Question in Bankruptcy in California
Joint car ownership
My wife and I owna car whose title reads: Amy Smith or Al Smith. If Amy files for chapter 7, is this car in jeapordy? Can I as the other owner borrow funds against it now before she files?
Asked on 10/24/99, 2:05 pm
1 Answer from Attorneys
Mark Markus
Law Office of Mark J. Markus
Re: Joint car ownership
Whether the car is in jeopardy or not depends on whether there is any equity in the car, what exemptions are available in the state in which the bankruptcy is filed, and what other assets the filing debtor has. In all likelihood, it should not be a problem. As for you borrowing against it now, that should not be a problem.
Answered on 10/25/99, 6:34 pm
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