Legal Question in Bankruptcy in New Jersey

Creditors Rights

Please advise. I am a individual who had loaned a friend money for a vehicle. This friend has filed bankruptcy. The title of the vehicle is in his name and I am listed on the title as the lien holder. The vehicle is now inoperable and sitting at a undisclosed location. Am I going to be responsible for this vehicle when the bankruptcy is final? The man from the facility contacted me, but never left a name of telephone number. I have no idea where the vehicle is located. Thank you for your attention.


Asked on 3/13/06, 9:34 am

1 Answer from Attorneys
Robert Davies The Davies Law Firm, P.A.

Re: Creditors Rights

If the car has significant value (you will have to decide that) and if you have loaned a significant amount of money for your friend to buy it, then you should contact (and pay) an attorney to get some legal advice. The simple idea behind having a lien on the vehicle is that the lien holder (you) have a claim against the car similar in some ways to a mortgage, and have rights in the car. You may be able to recover some or even all of your money.

If you would like, give me a call to set up an appointment; I am in northern New Jersey. My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

Disclaimer: you can not rely on the advice of an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

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Answered on 3/14/06, 9:21 am


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