BK Question...

[SCORPIO07]

I am getting ready to file Bk and I have a situation. Both my cars were repo Oct 2006. My roommate got a loan for me in his name and I make the car payment. I am not sure how this would be handled as far a monthly expenses.

[lrprn]

I am getting ready to file Bk and I have a situation. Both my cars were repo Oct 2006. My roommate got a loan for me in his name and I make the car payment. I am not sure how this would be handled as far a monthly expenses.

Do you and your friend have a written, signed, and witnessed agreement about this?

Since the loan isn't in your name and if there's nothing in writing setting up a loan relationship with your roommate, then you may not be able to include the payment in your expenses on your bk forms.

This is a good question to run by several experienced bankruptcy lawyers during your free initial consultations. If you've already retained a lawyer, what does he/she have to say about this?

[BKTango]

I'm not sure if you will be allowed to use the expense either. I do remember a similiar situation of another poster sometime back who had an agreement and made the payments but the vehicle she was purchasing was still in what would be considered the "current owner" 's name. I can't remeber how her situation turned out, but I remember her having to go through quite alot of hurdles over it. I agree that this might be a better question to ask an attorney at a consultation or something if at all possible, things might be different in your area.

[emoney]

Your agreement needs to be in writing. Then it is a legal obligation and should be counted.
regards,
emoney

[whatamess]

I had an agreement with my mother about household expenses because everything in her name down to the cable, phone, oil and internet bills. The lawyer had said a written statement could made and that was fine by the trustee evidently. Ask a few attorneys, they will know what will 'fly' with your local courts and what wont.
WAM