Q: My name is on a joint title for a car my father owns and possess. What will happen when I file chapter 7.
Hello,
I am getting ready to file chapter 7 and just realized that I am a joint title holder on a vehicle that my father owns. In 2013 my father accrued the loan in his name only and I guess my name never got off the title probably for registration costs. I have not had the car in my possession, paid for insurance, maintenance, fuel, or registration since I sold it to him. Would a trustee see it and take what is technically my half to pay off my debt even if he houses and maintains the car.
A: Likely yes, although if you have some available exemptions, you can protect the car and your father from that happening.
A: The vehicle will be an asset of your bankruptcy estate that you must list and then apply to your interest any available exemptions that you may have. Whether or not the trustee pursues liquidation of the vehicle will depend upon the amount of nonexempt equity.
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