Q: I'm a joint applicant on my daughter's car loan. Are they going to consider this my exempted vehicle for bankruptcy?
I'm in Pennsylvania. I'm being sued and am concerned about losing my vehicle.
I have a consultation with an attorney next week but I'm trying to ease some anxiety before then.
A: As long as your daughter pays the car loan she should not be affected. They will consider whichever vehicle you claim an exemption on as your exempted vehicle. That designation is solely up to you do you should not lose your own car.
If you file a Ch. 7 case, you are entitled to claim a vehicle, up to a certain amount, as exempt, if you have an ownership interest in that vehicle. If your name is not on the title of the car, as a joint owner, you can probably not claim it as exempt property.
If you file a Ch. 13, there will be a co-debtor stay, protecting your daughter and others who may be jointly obligated with you on any outstanding debts, so long as those debts are dealt with by your plan. But you will still be unable to claim the car as exempt if you do not hold an ownership interest, or at least possession, of the car.
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