Legal Question in Bankruptcy in California

Re: secured loan question

Call me ...I can help you.

Re: secured loan question

Thanks for your email. I believe I can answer your questions, which regard secured debts in bankruptcy.

As a co-signer to the secured property (your boyfriend's vehicle), you primarily are a "backup" in case your boyfriend doesn't make payments. If you go bankrupt, then you must be removed from liability for the debt, and are taken off the loan (although it will probably take more to take you off title), you are no longer responsible for payments if your boyfriend defaults.

I am a little confused by the portion of your question that reads "can they take the vehicle from you", since you stated that it's your boyfriend that is driving the vehicle, and not you, but the short answer is no. So long as your boyfriend remains current on the loan, it should not be a problem for the creditor, for him, or for you.

Re: secured loan question

As your boyfriend is also liable on the contract, the lender will now look to him. They still may come and take the car, but you can often negotiate or you can reafirm the debt, keep the car and make payments. The lender will have to agree to this.