FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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co-owner of a vehicle

i am co-owner of my daughters vehicle as she needed me to purchase her first vehicle. there is no equity in the vehicle, the registration is in both our names. if i go bankrupt and she continue to make the payments and keep the car. i already own one vehicle it is worth less than $5000. please advise

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One Response to “co-owner of a vehicle”

A licensed trustee said...

If you file bankruptcy the company that financed your daughter’s car may or may not allow her to keep it. It is their choice and it will depend on your daughter’s income and the payment history on the loan (if she has a perfect payment history they are much more likely to let her keep the car).

If she has been making payments for over a year, I suggest she call the finance company to see if they will remove your name from the loan. At the very least, she can warn them that you are about to file bankruptcy and they can tell her in advance whether or not they will allow her to keep the car.