If a car loan not in my name but I make payments, does this qualify under Schedule J in a Chapter 7?
Question Details:
I have a car and I'm the only daily driver. I'm filing for Chapter 7. I have made every payment on this car since it was bought brand new, and I'm responsible for it. Do I put these payments as a bill under Schedule J? It does affect my disposable income, and if I can't pay for it my mom's credit will be impacted. Also, I won't have a vehicle to get to and from work. The loan is not in my name as a co-signer but completely under my mother's name.
If the vehicle title and loan are in your mother's name, and you are making the payments on it, then you are renting the vehicle from your mother. You need to enter into a rental agreement with her setting forth the terms of the agreement, and then you would list the rental amount on Schedule "J" and possibly list the rental obligation on Schedule "G".
Mark J. Markus, Attorney at Law
http://www.bklaw.com/
