If a car is in the names of both husband and wife; they get divorced; one party quits paying for the car as promised; can the person, who was not responsible for payment. write the car off on bankruptcy to dissolve their ownership. What happens to the car if this happens? Thank you.
1 Answer from Attorneys
If both your names are on the loan, you are both responsible. If one doesn't pay, the other has to. Also, if one writes the car off in bankruptcy, the other person still owns it and has to pay for it. If you don't, it will get repossessed and affect your credit score negatively. However, you should consult your bankruptcy attorney to be sure.