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    Question Co-signer on auto filing BK

    Ok, so I now own my vehicle, made the last payment a few months back. My co-signer is on the title and is filing for bankruptcy. Can they come after my car even if I have been the one making all tha payments including the final one that payed the loan off? It is the only car I have and I am worried that they will come after it since his name is on the title.

    #2
    Okay, editing my whole first answer here. The car is paid off, so the creditor will not be repossessing the car. However, since you say the title is in his name, this brings a question about exactly how the vehicle is titled. Is your name also on the title? The only thing I could see that would put your car in jeopardy is if your co-borrower has to claim the vehicle as an asset.

    If I were you, I would gather all of the information regarding the car payments. You should be able to show documentation as to the fact that you are the one who paid the payments, and therefore, the car should be yours. That way, the co-borrower can explain that though his name is on the title, the vehicle belongs to you since you paid for it.
    Last edited by free2breathe; 01-19-2011, 12:05 PM.
    Filed pro se, made it through the 341, discharged, Closed!!!

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      #3
      My name is also on the title. It is actually my father who co-signed and is now filing. I have the title of the vehicle, but both of our names are on it. I was told that I can have him sign it and get his name completely off of it, but I am still concerned. I do not need them coming after my only car.

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        #4
        Since it's not a transfer, it should be fine for him to sign to have his name taken off the title. If the panel trustee questions him, he should have the documentation to prove that you paid for the vehicle. You really should be fine. Your car will be safe.

        Parents cosign for children all the time, and once the car is paid for, it's totally normal for them to sign the title off to the child entirely. It shouldn't raise any sort of questions. Congrats on paying your car off, by the way. ;)
        Filed pro se, made it through the 341, discharged, Closed!!!

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          #5
          Actually the father should ask that question of the attorney. I co-signed for a loan for a motorcycle for my son and since my name was still on it, the attorney I talked to (who I do not think is the one I'll be hiring) said it had to be included but, in my case, since my car was so old it wouldn't matter as between the two the allowance covered it. But you might want to make sure, just to make sure everything is kosher.

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