Legal Question in Bankruptcy in New Mexico

Re: Bankruptcy Help

A debtor in bankruptcy must disclose all property that he or she owns and all debts that are owed. If the sister has an ownership interest in the vehicle, it must be listed as property of the debtor. Since she owes on the loan, that debt must be listed in her schedules. In addition, the co-signer must be listed on Schedule H. However, if the loan payments are current, the vehicle cannot be repossessed. If the debt is not current, and if the debtor files a Chapter 13 bankruptcy and schedules the loan to be paid in full through the Chapter 13 Plan, the vehicle will be protected from repossession during the pendency of the Chapter 13 bankruptcy.