QUESTION
Can I add the car loan with my son if I file for bankruptcy?
Asked on Sep 19th, 2013 on Bankruptcy - Colorado
More details to this question:
I am on a car loan with a "buy here, pay here" place with my son. He makes all the payments; they just needed to add my income so he could get a car. I am filing bankruptcy Pro Se and want to know if I can add the company even though it's joint with son.
11 ANSWERS
Richard hirsh
You can list that debt and your liability will be discharged. Most likely he will be unaffected but they might seek a reaffirmation from you.
Answered on Sep 27th, 2013 at 2:10 PM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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All debts and creditors must be included on your bankruptcy. Not to is considered bankruptcy fraud. The debt must be included on your schedules as well as your son as a co-signor.
Answered on Sep 25th, 2013 at 9:54 AM
You have to list everyone you owe money to, whether as a co-signer or otherwise.
Answered on Sep 24th, 2013 at 4:11 AM
Yes, if you file bankruptcy you should list the car dealer as a creditor and that debt will be discharged. However, it is important to understand that your bankruptcy only discharges your liability on the debt, and does not relieve your son of the obligation to pay on it.
Answered on Sep 23rd, 2013 at 1:19 PM
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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You must list all of your debts and all of your assets. Many people think that an asset or debt is "really not mine", but it is necessary to list all of the correct information. You must list the loan and you can discharge your personal obligation on the vehicle. The problem is that if you are on the title of the car the chapter 7 trustee may claim an interest in the car if there is any equity.
Answered on Sep 23rd, 2013 at 12:45 PM
2 Awards
You must add the car lender if it is in your name. As long as your son continues to make the payments they will not repossess the car. There may be some ramifications on the loan due to your bankruptcy filing. For example, the lender may not report timely pays to the credit bureau, may freeze the account for a time, and may ask that you sign a reaffirmation agreement on the vehicle. Just have your son keep paying and all should be fine.
Answered on Sep 23rd, 2013 at 12:17 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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This is more complicated than just "adding in the loan". Yes, it needs to be listed in your bankruptcy. But, they can still pursue your son. You should consult with a bankruptcy attorney to help you determine how everything works, and to file your case. It may be more expensive to fix what went wrong than to start with an experienced attorney to begin with.
Answered on Sep 23rd, 2013 at 12:16 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Yes, you should be listing that as a liability. I would strongly suggest you seek bankruptcy counsel as well.
Answered on Sep 23rd, 2013 at 12:16 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
You HAVE to add it as you are required to list all debts.
Answered on Sep 23rd, 2013 at 12:16 PM
You must by law list every debt in your bankruptcy. Every debt does include a car loan that you co-signed.
Answered on Sep 23rd, 2013 at 12:15 PM
Deborah F. Bowinski
You MUST list all debts for which you are obligated, including all joint and cosigned debts.
Answered on Sep 23rd, 2013 at 12:15 PM