Chapter 7 bankruptcy and car loan
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Chapter 7 bankruptcy and car loan
My husband and I bought a car in our name for my brother. He is making all of the payments on it and has never been late. Only myself plans on filing for chapter 7. Will my brother have to put the car in his name and if he doesn’t, will he lose the car? The payments are $300/month and there is a little over $10,000 left on the loan. Thank you
Asked on June 29, 2009 under Bankruptcy Law, Michigan
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I am a lawyer in CT and practice in this area of the law. You do not have to worry here. Your brother should not have to give up the car. The car is not required to be among the list of the debts you want discharged. In fact, you do not need to have to list the car. Your brother should be able to keep the car without an issue. You should hire a lawyer to do the bankruptcy. This way you can make sure that the lawyer only discharges the debts you want.
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