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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
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Experience:  JD, MBA
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i just filed and chapter 7 bankruptcy, I have a 2 vehicles

Customer Question

i just filed and chapter 7 bankruptcy, I have a 2 vehicles one which is just in my name and one in mine and my ex's, the credit union will not let me reaffirmt he debt unless i pay for both vehicles and the credit card, so I have ot pay both or Surrender my car as well, if I surrender my ex's car would i be responsible for the taxes, DMV insurance if I give up my rights to the car, and can they keep ,me from me saving my car
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 4 years ago.

Hello and thank you for allowing me the opportunity to assist you.

If you give up your ownership rights to the car, then you will no longer be responsible for the expenses associated with it, such as the taxes, insurance, etc. Unfortunately, the credit union does have the right to put requirements on gaining their consent to the reaffirmation agreement … e.g. that you pay other bills that may be discharged.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

.

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

Customer: replied 4 years ago.
one more question, with me surrendering the other car, do they have to refiance it or what are there options to get my name off of it, can they keep my name on it even if i surrender it. my concern is having nothing to do with that car, and what are usually the options for the ex after i give up my rights to it.
Customer: replied 4 years ago.
does that also mean my name would hav eto come off the title of the car as well, and no danger with the DMV.
Expert:  TJ, Esq. replied 4 years ago.
Once your debt is discharged in the bankruptcy, you will no longer be liable for the loan. So you name will be off that immediately. As for the title itself, that will happen once the car is taken and sold. Until it's sold, the title will still have your name. After you give up your rights, your ex will still be liable for the loan. If she'd like, she could pay the loan and take the car. If that doesn't happen, then her credit will be ruined, and she could be sued. She may ultimately decide to file for bankruptcy herself, depending on whether she wants to protect her paycheck from garnishments, and other assets.

.

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.


Customer: replied 4 years ago.
so for the car with my ex, if i surrender it, and my ex decides to keep it and pay for it, then would my name still have to be on the title and if so would that make me responsible for DMV, taxes insurance etc. but her credit is a 450 and she has been late already and insurance has lapsed a couple of times as well.
Expert:  TJ, Esq. replied 4 years ago.

No, you would not have to be on the title even if your ex keeps the car. You can simply relinquish your rights to the car and inform the DMV. Your ex would need a new title. You would not be responsible for any taxes. Since the car is already in default, I doubt the lender will work with your ex, thus it will likely be repo’ed.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

.

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

Customer: replied 4 years ago.
so all that still remains the same, because at this given second the car is current in payments? so basically the minute i surrender it even if she keeps it I am not responsible for nothing and I can move on without any worries about being contacted for the car.
Expert:  TJ, Esq. replied 4 years ago.
The minute the debt is discharged in bankrutpcy, you no longer owe anything for it. If the car has any equity, then it may be sold by the bankruptcy trustee. If no equity, then it will either be repo'ed by the lender, or your ex can take it and try to keep current. You will not need to worry about the loan, and you won't need to worry about any taxes or insurance once you make sure the title is not in your name. If the car is repo'ed and sold, then that will automatically happen. If you ex keeps the car, then you will probably need to see the DMV and inform them that you no longer own the car. The DMV should take care of the title issue.

.

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.


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TJ, Esq.
TJ, Esq.
Bankruptcy Lawyer
9932 Satisfied Customers
JD, MBA