If I purchase the car??

August 31st, 2005 by Questions

If was in common-law relationship and sign over the car to my other half, but i still have papers stated that i purchase the car and the owner is in this name, can he declare burkruptcy on the car because there is a lien on the car??


One Response to “If I purchase the car??”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

First of all it sounds like the car is pledged to the financing company. As such, this loan would survive bankruptcy (if you kept the car). The only way to be cleared from this debt is to give the car back and then file for a bankruptcy. Now, assuming your ex gives the car back to the lending institution and files bankruptcy, the lending institution will go after you for the short fall if you are still listed on the lending documents.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)