QUESTION
If my name is on my mother's car title as "or" and I need to file bankruptcy, what will happen to her car?
Asked on Aug 02nd, 2013 on Bankruptcy - Indiana
More details to this question:
My mother is elderly and had put me on her car title as her name "or" my name. I need to file bankruptcy and she is in great distress about this situation because she is afraid of what will happen to her car. Does she need to change the title? I also have two other cars with my name or wife's name on it.
7 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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She will be able to keep the car. You should have documentation showing that she paid for the car in case the trustee asks to see it.
Answered on Aug 19th, 2013 at 7:26 PM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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The car could be considered an asset. You need to consult a bankruptcy atty..
Answered on Aug 08th, 2013 at 10:41 PM
Only a lawyer in your state can advise you on applicable exemptions.
Answered on Aug 08th, 2013 at 10:41 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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Most likely, this WILL be a problem for you and your mother.
Answered on Aug 08th, 2013 at 10:41 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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See an attorney who understand bankruptcy NOW.
Answered on Aug 08th, 2013 at 10:41 PM
It really depends on how much the car is worth together with your attorney's relationship with the Trustee assigned to your case. Few Trustees want to be in the position of taking away an elderly person's vehicle, and if your attorney has a good relationship with the Trustee & can show that the vehicle was never really yours, the Trustee may overlook this asset and not be interested in the vehicle. In the not so good situation, you may have to arrange to pay the Trustee to allow your mom to keep the vehicle. The two other vehicles you own will also be an issue, again, depending on their value & whether they are financed.
Answered on Aug 08th, 2013 at 10:41 PM
Deborah F. Bowinski
You should retain an attorney to guide you trough the bankruptcy process. Each state has different rules about what assets you can own and keep while filing a bankruptcy case. Whether the cars will be problematic or you depends upon their actual market values, whether there are loans against them, and what your state's allowed exemptions are.
Answered on Aug 08th, 2013 at 10:41 PM