QUESTION
Can I file chapter 7 without including the car?
Asked on Jan 03rd, 2017 on Bankruptcy - New Jersey
More details to this question:
My father cosigned on a car for me. I'm thinking about filing bankruptcy and reaffirming the car loan. If I do file would my father know?
7 ANSWERS
No, your father won't know. There is no reason for anyone to contact your father if you are making your payments on time. You have to include the car in the BK filing, but you need to indicate that you are keeping the car. The car lien holder may (or may not) have you sign a reaffirmation agreement. In any case, stay current with the payments and your father shouldn't find out. Good luck!
Answered on Mar 02nd, 2017 at 5:28 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You can't select which debts to put in bankruptcy, all debts are covered. You can usually reaffirm on a car loan. Your cosigner is notified if you file bankruptcy.
Answered on Mar 02nd, 2017 at 5:28 PM
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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No. All assets and liabilities must be included in your bankruptcy. And your father, as a co-borrower, would be entitled to notice.
Answered on Mar 02nd, 2017 at 5:27 PM
If you file bankruptcy, you need to be willing to comply with the law and the law requires you to INCLUDE every debt. Fail to comply and you could go to prison, and your father certainly will hear about THAT. He will also hear about your bankruptcy if he looks at his credit report, because the vehicle loan will be marked as INCLUDED IN A BANKRUPTCY and he will not have any payments on the vehicle showing up on this credit report.
Answered on Mar 02nd, 2017 at 5:42 AM
If you defaulted, your father would be liable, so he is a potential creditor whom you must list and notify of your bankruptcy. But as long as you make your payments, he would not be affected.
Answered on Mar 01st, 2017 at 5:34 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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You have to include the car even if you are reaffirming and yes your father would get notice.
Answered on Mar 01st, 2017 at 5:32 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Your father would probably find out pretty fast-from the lender. Your best bet would appear to tell your father in advance, and tell him that you are reaffirming on the car loan-and then to be meticulous about making every payment. It is against the law to omit from your bankruptcy papers any property or any debt which you have.
Answered on Mar 01st, 2017 at 5:32 PM