QUESTION
Can the creditors take the car if it was paid in my and my husband's name?
Asked on Mar 30th, 2013 on Bankruptcy - Arizona
More details to this question:
I have bad credit and we have paid for the car title in mine and my husband’s name. Can creditors take it?
4 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Whose creditors? Just yours.. no .. joint creditors maybe.. Call a bankruptcy attorney.
Answered on Apr 02nd, 2013 at 12:46 PM
If you don't make the payments, yes they can.
Answered on Apr 01st, 2013 at 9:00 PM
Debt Collection Attorney serving Chicago, IL
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Edelman, Combs, Latturner & Goodwin, LLC
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If the car is titled in both your names and a creditor obtains a judgment against one of you, the judgment debtor's interest in the car is subject to execution, minus the statutory exemption ($2400) and the "wildcard" exemption ($4,000). The non-judgment-debtor's interest is not subject to execution, and the expense involved in partitioning personal property is such that I have never seen it done for a vehicle. So as a practical matter, it is unlikely the creditor will do anything.
Answered on Apr 01st, 2013 at 8:24 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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You need to determine what exemptions apply to you, based on the state where you live. Each state has different exemptions.
Answered on Apr 01st, 2013 at 8:21 PM