i filled bk i am concerned about an ach withdrwal the question is the loan is in my fathers name only.i am only on the title will this have any affect on his checking account will the ach withdrawal still come out of his account.even though i had to list the car as an asset.
i am on a car title but not the loan i the loan is in my fathers name only will it affect and ach withdrwawl on his checking account
this is for a chapter 7 bk
let me clarify my question. i recently filled chapter 7 bk.there was a car involved the loan on the car is in my fathers name only.but i am listed on the title.my question is he has an ach withdrawal for that car payment with his checking account.i know creditors are not allowed to go into my account to take money.i am not on his checking will it affect his ach for the car payment.sorry if i was not clear before bankruptcy is stessfull
Please correct your rating, as I did not have a chance to respond.
Your bankruptcy should not stop the ach withdrawal, since you were only named on the asset, and not the debt.
Dad's loan, should not be affected because of your filing.
If you were cosigned on the loan, that would be different. Creditors cannot 'collect' during the bankruptcy.
therefore they could not withdraw the payment, if you were on the loan.
Since you are not on the loan, it shouldn't stop the payment.
Dad is required to make the payments each month.
So, just by being a joint owner of the car, and not on the loan, will have no impact on that loan.
Hope that clears things up.
Please re-rate my answer now that I have the full story. Your initial fact pattern was difficult to follow.
Thanks and good luck to you.
Click accept when you are done!if you have any more questions, please let me know
please update rating and click accept to close question and to give me credit for answering. thanks! Terry
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