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Posted: 7/16/2009 9:30:14 AM EST
Hi all. My mom is in the process of filing for bankruptcy. She currently has 3 vehicles that are in her name. 1 of them has her name and my name and another has her name and my brothers name on it. Her lawyer asked to get the mileage on each car so he could find out how much each vehicle is worth. Where exactly is he going with this and will this affect my credit in any way?
Link Posted: 7/16/2009 12:43:26 PM EST
It is difficult to answer your question because "in your name" does not tell us if you mean that the vehicles have both your names on the title, on the loan or both.

Your mother's bankrupcty filing would affect your credit only if you were cosigners on the loan, and the loan was not paid.

If your names are both on the title, and they are not subject to lien for an auto loan, then you may be affected if the bankruptcy trustee concludes that the vehicles are part of the bankruptcy estate, worth money and not exempt. Then her interest in the vehicles must be turned into cash for the benefit of her creditors ( assuming she files Chapter 7 ).

The atty wants information on the value of the vehicles as they must be included as assets in her bankruptcy petition.
Link Posted: 7/16/2009 5:47:16 PM EST
[Last Edit: 7/16/2009 5:48:08 PM EST by Compass]
When I say "in my name" I mean my mother co-signed a loan for me. The loan is still in repayment status and is not a lease. She is top and I am bottom. The temporary title we have has both our names on it and the loan is being reported onto both of our credits.
Link Posted: 7/17/2009 4:54:40 AM EST
And the loan for which both you and your mom are liable is current (and not past due)?
Link Posted: 7/17/2009 6:52:35 AM EST
Nope, not past due. I haven't missed a single payment or been late on a single payment.
Link Posted: 7/21/2009 12:53:51 PM EST
Originally Posted By Compass:
Nope, not past due. I haven't missed a single payment or been late on a single payment.


And you want to keep car? If yes, tell your mom this. Nothing will happen to it. It will stay out of BK.
If you don't want car, nothing you can do but sell. It's on your report.
Link Posted: 8/2/2009 11:15:54 AM EST
This always amazes me. If someone has an attorney, why do they come running to anonymous strangers on the internet for answers instead of asking their attorney?
Link Posted: 8/4/2009 4:51:38 AM EST
Originally Posted By davidwiz:
This always amazes me. If someone has an attorney, why do they come running to anonymous strangers on the internet for answers instead of asking their attorney?


His mom has an attorney.
He has nothing.

He should have his mom ask the attorney, since he is unlikely to talk to him unless mom is sitting there and allows it.

He is not the client.
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