QUESTION
Husband filed bankruptcy, car is in both names,can it affect his bankruptcy
Asked on May 20th, 2013 on Bankruptcy - Pennsylvania
More details to this question:
I purchased a vehicle with my now husband (at the time we were only dating) as a co-sign. It has long since been paid off. - he never made any payments to it. Even though it is my primary vehicle, since both our names are on it can it be considered an asset in bankruptcy? I ask because i want to trade it in for a new vehicle as its not passing inspection and its not worth fixing anymore, but my husband is giving me a hard time on this believing it will need to be approved by bankruptcy first - but till then i may be out of a vehicle as inspection expires at the end of the month. I have no idea if he listed it as an asset or what his bankruptcy is all for anymore- its been going on for 3 years now.
1 ANSWER
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Yes, even though he never made a payment it could be considered an asset in his bankruptcy. Unless other wise stated to be exempt in your states bankruptcy laws or if he was only on the loan and not on the title to the vehicle.
I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
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Tai Figueiredo
Paralegal BOTELHO & ASSOCIATES, LLCAttorneys At Law www.massachusettslawyeronline.com126 Shove Street Unit 202 Fall River, MA 02724 Office: 888-269-0688FAX: 877-475-8147
Answered on May 21st, 2013 at 12:56 PM