Hello and thank you for allowing me the opportunity to assist you.
Question: “i have a private student loan through bank of america that is co-signed by my parents. I am current on the payments and would not want this debt involved if i choose to pursue bankruptcy. Will my parents will affected by my decision? Am i able to choose which debt is considered?”
Answer: You can choose to exclude certain debt from your bankruptcy. People usually do so with regard to their car loans and mortgages so they can keep their cars and homes. You could theoretically do so with regard to any debt, though. Having said that, you do not need to exclude your student loans since by law they are not dischargeable in bankruptcy anyway. Therefore, your bankruptcy shouldn’t affect your parents at all.
Question: “I own an older vehicle that has been paid off for approxiametly two years, will it be affected by my decision?”
Answer: In California, you can protect up to $2,775 of your vehicle’s value. Therefore, if your vehicle is worth less that amount, it won’t be sold. If your vehicle is worth substantially more than that amount, then it may be sold, in which case the first $2,775 will be given back to you, and the rest will be used to repay your unsecured creditors.
Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.