Will my son and his girlfriend lose their cars which are in my name if I file bankruptcy?

I have been paying for 5 years on a $12,000 high interest unsecured loan, and not been late until the last 6 months, but have horrible credit. My son, his girlfriend, my husband, and my car are all in my name due to insurance. Will they lose their cars, and will I lose mine that I have been paying on for 2 years if I file bankruptcy?

Asked on August 2, 2012 under Bankruptcy Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

In all likelihood if the vehicles which you are writing about are in your name are paid in full, there seems to be little chance that they will be lost in the event of a successful bankruptcy discharge by you. The reason is that such are assets of your estate and the court ordinarily does not require depreciated assets such as automobiles to be sold in a bankruptcy.

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

In all likelihood if the vehicles which you are writing about are in your name are paid in full, there seems to be little chance that they will be lost in the event of a successful bankruptcy discharge by you. The reason is that such are assets of your estate and the court ordinarily does not require depreciated assets such as automobiles to be sold in a bankruptcy.


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