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I am looking into filing for bankruptcy, but currently have two auto loans under my name. Is it true that I would have to give up one of my cars? Is there anyway in which I can place my moms name on the car she currently pays for (its her car, I just used my credit)?

jenkin7 · Posted: Mon Nov 16, 2009 11:51 pm Post subject:

Hi Monica,

What type of bankruptcy are you planning to file? If it is a chapter 13 bankruptcy, you can keep your assets, enter into a repayment plan and pay off your debts in 3-5 years. But if it is a chapter 7 bankruptcy, your assets will be sold off to repay your debts. In that case, you can lose your cars. Who holds the title to the car? If you hold the title, it will be helpful to change it in your mom's name. Any such transfer at this point in time will not be valid. Consult a bankruptcy lawyer as he is the best person to guide you in this situation.

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