My ex is filing for bankruptcy, he is 60grand in debt. A couple a months ago my 89 Berlina finally died and as an extremely nice gesture he financed a 2004 commodore but put it in my name as we had just found out our one year son needed surgery and would require many car trips to Princess Margaret Hospital.
But as the story goes he is way in over his head now and cannot afford the repayments on all of his debts.
But seeing as he put the car in my name I was wondering if they will take my car away. I'm not upset if they do but I was wondering if they can take a car off someone that was given to them as a gift.
2007-07-05 15:42:54 · 6 answers · asked by ammee_lee 1 in Business & Finance ➔ Personal Finance
This is a tough question because I don't have a lot of information about your situation. Just because the car is in your name doesn't mean that it can't be repo'd. If the loan is in his name and he is making or was making the payments then the bank pretty much owns the car - sorry. I would suggest refinancing the loan in your name. That might not be an option for you. You could possibly keep the car if your ex files for the type of bankruptcy that requires payments back to the bank. This is called reaffirming a debt so you're actually not getting rid of everything. Have him talk to the lawyer that is handling his bankruptcy to get information on this. Your best bet is to get the loan in your name and make the payments yourself (if you can afford it).
Good Luck!
2007-07-05 15:55:42 · answer #1 · answered by lchardy70 3 · 0⤊ 0⤋
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RE Will they take my car away?
My ex is filing for bankruptcy, he is 60grand in debt. A couple a months ago my 89 Berlina finally died and as an extremely nice gesture he financed a 2004 commodore but put it in my name as we had just found out our one year son needed surgery and would require many car trips to Princess Margaret Hospital.
But as the story goes he is way in over his head now and cannot afford the repayments on all of his debts.
But seeing as he put the car in my name I was wondering if they will take my car away. I'm not upset if they do but I was wondering if they can take a car off someone that was given to them as a gift.
2014-10-12 07:04:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There are ways that they can. You can exclude the car debt from the bankruptcy since you can justify needing it (you can save a house also). Understand many couples hide assets in the name of others to avoid having them disappear so the vendors have decided to go hard. If you can show this is one asset, and you are willing to cover the debt, your bankruptcy atty should be able to help you. They may even be able to negotiate it so you owe less than you currently do (basically you buy it from the lender for less than the loan).
Good luck, I hope your son is ok.
2007-07-05 22:48:51 · answer #3 · answered by halestrm 6 · 0⤊ 0⤋
Unfortunately if the car was financed in his name they can however, you may be able to transfer the loan into your name.
My suggestion is to discuss your options with your ex and get some info from the financial institute that did the finance for your car. That way you can make an informed discisson with all of your circumstances/options brought to light.
2007-07-05 22:55:45 · answer #4 · answered by mizbiatch 1 · 0⤊ 0⤋
What matters is who's name is attached to the debt, if the car is secured by a loan in his name and he is defaulting on the loan, the leinholder can take their property.
Good luck.
2007-07-05 22:47:32 · answer #5 · answered by curious 3 · 1⤊ 0⤋
If he did not pay for it , it was Not his to give as a gift .
It is the banks vehicle (or whomever put up the $$) and if you can't pay for it , they will want the vehicle to sell to someone who will pay .
2007-07-05 23:00:06 · answer #6 · answered by kate 7 · 0⤊ 0⤋