Legal Question in Credit and Debt Law in California

I have an agreement signed by my ex fiance and myself stating that he would pay off the balance of a car loan as long as I keep it insured and pay for all repairs and DMV charges. I received a phone message this morning stating that he can no longer make the payments and that he's going to file bankruptcy. What recourse do I have? I live in California.

Asked on 1/19/11, 10:48 am

2 Answers from Attorneys

Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
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Probably none, assuming he really files for bankruptcy.

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Answered on 1/24/11, 10:53 am
David Gibbs The Gibbs Law Firm, APC
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You can sue him, but guess what - if he files bankruptcy you are likely going to be wiped out along with all of his other creditors. If you want to keep the car, you are either going to have to pay the loan off, or make arrangements with the lender to keep making the payments. Absent that, you'll likely lose the car.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence. As required by 11 U.S.C. 528, we must now disclose that, "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide with respect to Debt Relief may involve bankruptcy relief under the Bankruptcy Code."

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Answered on 1/24/11, 10:54 am

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