Legal Question in Bankruptcy in Florida
I have a car which is financed and I make payments on but it was bought with my dads name first and mine second because of credit. If he files bankruptcy would I lose the car?
1 Answer from Attorneys
There are several ways to protect the car for you under bankruptcy. If it is worth less than is owed on it, then it is not an asset he has to give up in any bankruptcy. If either of you intend to continue paying the loan, he may "affirm" that loan with a form that goes along with the bankruptcy. Talk to the lender also as they may have their own form to "affirm" the loan for both of you to sign also to prevent them from asking that the car be surrendered. If by chance it is worth more than is owed on it or already is paid off, there are certain allowances for property allowed to be excluded from surrendering which he could still use to keep the car for you if he hasn't used the amounts fully to protect something else.
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