Q: Can student loan creditors take your home or vehicle?
My father has stage 4 cancer. And a lot of credit card bills. The bills are more than the mobile home and car are worth. By maybe 10 grand. I have lived here with my father for years and want to remain here after he passes. We're scared that when he passes the credit card companies will take the home and car. So we were thinking of putting me on both deeds as a co-owner. That way maybe they won't take the home and car. Will this work? Also, I have student loan debt. We want to make sure putting the home and car in my name as well will not cause the student loan creditors to take both as soon as my name is on the deeds.
A: Consult a competent bankruptcy attorney. More info is needed, but from your narrative above, it sounds like your dad could file bankruptcy and keep his property while discharging his debt.
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