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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
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Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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My mom used my car to get a secured loan, now Im stuck making

Customer Question

My mom used my car to get a secured loan, now I'm stuck making the payments. Is there a way for me to transfer the title to her name and get from under this debt. What happens if I file Chapter 7 bankruptcy.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.
IF you cosigned on the loan, or signed on it yourself, you will be on the hook for payments. You can transfer the title, but that will not change your responsibility for the loan if you signed on the loan. If you file for bankruptcy you can surrender the car to discharge the debt, however, your mom will be on the hook for the balance after they sell the collateral. The debt will be discharged for you though.
Customer: replied 4 years ago.
How do I transfer the title? Can I do that if their is a lien on the title. I haven't defaulted on any payments, but the finance company has possession of the title at this moment.
Expert:  Terry L. replied 4 years ago.
You can transfer title, but it is transferred subject to any liens. Check with the state/county office agency where vehicle titles are registered.
Customer: replied 4 years ago.
So, if I transfer the title, I'm still obligated to the debt, which is understandable. However, if I am late on a payment, will they come reposses the car from the new owner? I would like to sell it for what I can and pay down the loan. I know I can't sell it for the full amount. The car isn't worth that much.
Expert:  Terry L. replied 4 years ago.
Since they have a vaild lien on the asset, they can repossess the vehicle if the payments are late.
Customer: replied 4 years ago.
And by filing bankruptcy, I will have to reliquish the vehicle or continue making payments.
Expert:  Terry L. replied 4 years ago.
Yes, you can choose to reaffirm the debt to keep it after bankruptcy, or you can surrender it to discharge the debt (cosigner still liable though for the balance left. they can also pay to keep the car too)

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