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A Joint Car Loan ?

Im wondering What happens in the situation that my newly ex common law partner and I yet have a car loan jointly but Id like to file for personal bankruptcy. We owe $23,500 yet and the car is blackbook valued for less then we owe! We have never missed a payment(he takes care of them) How does this work?

Posted from: Ontario

One Response to “A Joint Car Loan ?”

A licensed trustee said...

As long as your ex continues to make the payments on the car loan they should be able to keep the car. I suggest you tell them to call the financial institution that holds the loan BEFORE you file to eithe rhave your name taken from the loan or simply to confirm with the bank that your ex will keep making the payments.