My boyfriend and I live together. We got him a $20,000 truck and a $8000 bike and it's in my name (he doesn't have the greatest of credit, and he and his father share a name and his father filed for bankrupcty and it went under his credit). now i am not sure if i want to stay with him but i want stuff out of my name in case we break up. how do i do that?
2007-09-17 05:58:48 · 7 answers · asked by jezzekah36 3 in Business & Finance ➔ Personal Finance
i was with him when we tried to get the truck in his name...it did report he filed for bankrupcy even though it was his dad that did. i dont know how to dispute that either
2007-09-17 06:45:38 · update #1
If your dad's bankruptcy is showing on boyfriend's credit, he should dispute it with all three credit bureaus as being his father and not him. They will remove that. If that's the only reason boyfriend has bad credit, then he can refi and put his toys in his own name.
However, it is more likely that boyfriend just has bad credit cause he didn't pay his bills. If those toys are completely in your name (vehicle titled to you only) and not just the loans in your name, when you leave take them with you. Sell them for what you can get out of them.
If boyfriend wants to keep them, insist he refi into his name. Under no circumstances do you want to let him default on the loans and stick you with the bill and bad credit.
2007-09-17 06:28:20 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
OK...1st of all your boyfriend is tell you a story if he is telling you that his father's bankruptcy is showing under his name because they share the same name. Bankruptcies are reported under the filer's SSN...so it has to be his SSN that filed for bankrupcy. My husband and his father share the same name and their credit files have never been mixed. His father has filed bankrupcy every 7 years for the last 21 years (ie he filed 3 times) and this error has never happened and they lived with eachother until we got married 6 years ago. So that means they had the same name and address.
2nd...You would have to refinance the items into your boyfriends name in order to get your name off them. The problem becomes as you previously stated that he has bad credit. This is why it is ALWAYs a bad idea to use your credit to buy something for someone else. When you are married you have a small amount of protection in the form of your divorce decree that says that your debts are yours and his are his, and that you each have to pay these debts accordingly. If you were divorced and he defaulted on the loans and it affected you, you could take him to court. Because you are not married you are not offered the same protection.
I suggest telling him that he needs to refinance or sell the items that are in your name or you take them with you when you break up with him and you sell them yourself. Legally they are yours if they are only in your name.
If he refuses to refinance them then tell him that you are taking them with you. If he refuses then call the police...it should be pretty easy to prove you own them.
2007-09-17 13:11:06 · answer #2 · answered by Anonymous · 2⤊ 0⤋
You were not very clear.
What is in his name?
The Truck, the loan for the truck, or both?
The Bike, the loan for the Bike, or both?
What do you mean they "share a name"?
Did they both file for Bankruptcy, or just the father?
For future reference, never sign for a loan for someone else, unless you want to pay for it. Because over 70% of the time, you will pay for it.
If he has filed for Bankruptcy Protection, you should consult with his bankruptcy attorney on this issue. He is supposed to list any and all debts and property in his Bankruptcy filing. If it sounds like you are getting the shaft, consult a Bankruptcy attorney yourself (not his). Be aware that that the purpose of Bankruptcy is to protect him from creditors, and that if you are trying to get money or property from him, it must be through the Bankruptcy court, and you need a Bankruptcy Attorney, and it ain't cheap, but considering you might be out $28,000, it might be worth it. Usually the initial consultation is free.
Contact me and I will see if I can find out more.
2007-09-17 13:04:47 · answer #3 · answered by Feeling Mutual 7 · 0⤊ 0⤋
I think you're only choice is to tell him that he either buys them from you via a loan or you're going to sell them. That's assuming the loans are only in your name.
It's bull that his fathers bankruptcy is effecting his credit. Bankruptcy courts are smart enough to look at a social security number and not a name.
If, through some unbelievable circumstance, his fathers bankruptcy is effecting him then he can clean that up.
Please if nothing else, learn that living together is a bad idea, and taking out loans for someone else is even worse.
2007-09-17 13:40:47 · answer #4 · answered by JB 6 · 0⤊ 0⤋
Big Mistake. You should never, never put something in your name unless you plan on paying for all of it. If the loans are not payed back it is now your credit on the line.
Now what to do. Can you take them back? Sell them for more then the bank wants? You are the legal owner of these things. Now you may have to make a very hard choice.
Sorry I cannot be more help.
2007-09-17 13:16:35 · answer #5 · answered by lulu98761 1 · 1⤊ 0⤋
If the stuff's not paid for, you are S.O.L. unless you can get the bank or finance company to alter the contract -- which isn't likely. Even if all you did was co-sign, you're screwed.
By the way, if the loan(s) were made in your name only, and if you DO break up, legally the bike and truck are YOURS -- take them WITH YOU.
2007-09-17 13:07:38 · answer #6 · answered by Resident Heretic 7 · 3⤊ 0⤋
Good luck! I have an ex who let the crap get repo'd and it was in MY name. Lesson learned honey...don't do that ever again.
Best you can do is to go to court and have the court order him to take it out of your name or give it to you.
2007-09-17 13:09:09 · answer #7 · answered by intewonfan 5 · 0⤊ 0⤋