Legal Question in Bankruptcy in Illinois

Co signers filling bankruptcy

I live in houston Tx, and my sister lives out in chicago illinos. SHe co signed for my car back in 2001. the title of the car is in her name, and i am the secondary on the title. She is going to file for bankruptcy and informed me that if she files, the car would be taken up (repo). Since i am the one paying for the car, will it get taken up when she files for bankruptcy?


Asked on 8/15/02, 8:40 pm

1 Answer from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Co signers filling bankruptcy

If the car is actually yours, but titled in her name, she should list it as "property held for others" on her bankruptcy schedules. If you have been making payments, not your sister, the car should not be part of her bankruptcy estate. If you are current on the payments the lender should not care that your sister filed, they still have you as a obligor to pay off the loan. You probably should transfer the car to your name at some point. Larry Maun 713.266.2560

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Answered on 8/16/02, 9:45 am


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