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Co-owned vehicle in a bankruptcy

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?

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

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.