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My Parents' Bankruptcy and my belongings

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    My Parents' Bankruptcy and my belongings

    My parents are considering filing a Chapter 7 Bankruptcy in Michigan. Both my sister and me are over 18, but live at home and attend college. We both have bought cars for ourselves, but had the titles put in our parents' names to save money on insurance. I have had my car for 3 years. I saved cash for the car, so I don't really have proof that I purchased that car, but I am the only one in the house that drives it. I also pay for all repairs and parts and pay for gas (which I am sure are on my debit card statements now that I have a checking account). My sister's car was paid for with her savings bonds. Also, I own quite a bit of property that is of value. I own several expensive computers and electronic equipment (gaming systems, music systems, televisions, etc), all of which I have bought for myself (though I don't have receipts for most things). My question is, if my parents do file for chapter 7, how can my sister and myself protect our cars and other personal property (if we even can)?

    #2
    Your names will not be associated with your parents filing (nor social security numbers). Your property is your property. However, the cars in your parents names will have to be discussed with your parents' attorney to see what, if anything, can be done to protect those vehicles for you. Also, do you have any accounts with your parents in which your name or your sister's name is listed on the accounts (savings, credit, etc.?). If so, make sure this is also discussed with your parents' attorney.
    _________________________________________
    Filed 5 Year Chapter 13: April 2002
    Early Buy-Out: April 2006
    Discharge: August 2006

    "A credit card is a snake in your pocket"

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