Co-owned vehicle in a bankruptcy

January 18th, 2016 by Questions

What happens if one person has to claim bankruptcy and they own a vehicle, but the vehicle is co-owned (for around ten years) with another person not claiming bankruptcy?

Questions

One Response to “Co-owned vehicle in a bankruptcy”


January 19, 2016 at 11:48 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:

Depending upon your jurisdiction your exemption in the vehicle may be exempt from seizure. If it is not exempt your trustee will claim the half interest in the vehicle and likely have to negotiate a settlement with the co-owner.

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