QUESTION
I’m a co-owner on a car and I want to get my name of the loan if I file bankruptcy will name be removed?
Asked on Jan 26th, 2013 on Bankruptcy - Colorado
8 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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You might still be listed but will no longer have personal liability on the note if the other person defaultsthe lender will be able to recover only the car & pursue the other person for any deficiency after your chapter 7 bankruptcy.
Answered on Jan 31st, 2013 at 2:03 PM
Filing bankruptcy will not remove your name from the vehicle title, but you will not be liable for the debt once it has been repossessed. If you surrender your interest in the vehicle in the bankruptcy, your attorney may be able to negotiate removal of your name from the title, but that is by no means a sure thing.
Answered on Jan 29th, 2013 at 2:32 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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Yes, if you file Bankruptcy you can get your name off of the car.
Answered on Jan 29th, 2013 at 2:31 PM
Filing bankruptcy won't get your name off of a vehicle loan that you co-signed on. It will only remove your personal obligation to pay the loan. The only way to get your name off of a co-signed loan is to pay it off in full.
Answered on Jan 28th, 2013 at 1:22 PM
General Practice Attorney serving Belvidere, IL
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Law Offices of Henry Repay
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That may be a solution, but there are many considerations in deciding on bankruptcy.
Answered on Jan 28th, 2013 at 1:22 PM
If you file bankruptcy, the debt should be discharged (wiped off) and you will no longer be responsible. If nobody makes the payments, the lender will repossess the car.
Answered on Jan 28th, 2013 at 1:22 PM
Chapter 7 and Chapter 13 Bankruptcies Attorney serving Dublin, OH
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Granger Law Firm LLC
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Filing bankaruptcy will protect you from the vehicle lender coming after you for the loan on the vehicle. The lender still retains the ability to repossess the car. You may need to tell the lender where the car can be found so they can take it back, but t cannot come after you for any balance owed.
Answered on Jan 28th, 2013 at 1:22 PM
Deborah F. Bowinski
If you file a bankruptcy and surrender the vehicle then you will be relieved of any further obligations on the loan.
Answered on Jan 28th, 2013 at 1:21 PM