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Vehicles are considered secured property and the debt is not dischargeable in bankruptcy action. The situation cited would not place the vehicle in jeopardy depending upon the way the vehicle title is worded and the exemption status. In such a case it is highly unlikely the bankruptcy trustee would order the vehicle sold. That being the case any decision concerning the vehicle would belong to the lender not the bankruptcy court.

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โˆ™ 2006-11-21 16:53:00
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Q: What happens to a vehicle when the title is held by two persons who are not married and one person files bankruptcy?
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Related questions

What happens if car dealership files bankruptcy how do you pay for vehicle?

If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.


Can a creditor sell a repossessed vehicle they have had in their possession if the debtor files bankruptcy?

Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.


If a vehicle was voluntarily surrendered and sold can collection on the difference be stopped with bankruptcy?

With new bankruptcy laws that is no longer possible. If the person files for bankruptcy and includes the vehicle they will have to pay the entire amount of the loan.


If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?

you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.


If your fiancee files a chapter 7 bankruptcy and you get married how will that affect you?

It will only become an issue if you apply for joint credit such as a mortgage, vehicle financing, and so forth.


Can you file bankruptcy on a loan for a vehicle?

Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.


Can you keep your vehicle if you file chapter 13 bankruptcy?

yes


What happens to a co-buyer of a vehicle if the primary files bankruptcy?

Short answer, they are responsible for the debt. So, if my name was added to the auto loan only bc I was married to my ex, not to benefit by using my credit score, am I still liable? This car was repo'ed in 2003, sold for half of what was owed. In our divorce, my ex was awarded the car and to hold me free of harm from any financial obligation to that vehicle. Now, he filed for bankruptcy. Is this going to come back at me? Thanks Erin


Is there any way to avoid paying sales tax on a lower priced new vehicle when the old higher priced vehicle was surrendered during bankruptcy?

No. Bankruptcy has no impact on your duty to pay sales tax are purchases made after you file for bankruptcy.


If you get married during bankruptcy will it affect your new spouse?

The only impact it might have would be relating to future joint financial transactions; for example applying for a mortgage or vehicle loan.


If you are including a leased vehicle in a bankruptcy and need a vehicle that you can afford payments on will you have a tough time getting a loan?

There are some creditors that offer car loans to those who' ve filed bankruptcy.


Can you file bankruptcy if you own a car?

Yes, how the bankruptcy will affect the ownership of the vehicle depends on the state vehicle exemption amount and if the lender will agree to reaffirm the loan. If there is no loan/lien pertaining to the vehicle then only the state exemption will apply.

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