Bankruptcy and cars?

Question

I own only one car and my name is in good standing and does not have an records with the dmv. My sister does have a speeding ticket and points on her dmv file. So to save money with her insurance every month she put my name and her name under the title of her car and I just added the car under my policy. This was a year ago. The problem is I am filng bankruptcy right now. Will this be a problem and will they take my sisters car too? I will ask my attorney when he gets back from her trip but for now does anybody out there know the answer to my question? Thanks.

Answer 1

Usually they allow you keep only one (primary) vehicle.  If you have two cars titled under your name, you may have to give up one of them.  Yes, attorney should know the details, as it varies across states./

Answer 2

Is your sister still paying on her car?  I filed Bankruptcy in 2004.  My mom co signed for my car and I still owed on it.  I was able to keep my car.  My understanding is if you own the car, I don't think they will take it from you. I live in Texas, things might be different from state to state.  I know how stressful this can be.  Your lawyer will be your best source, but I know how it is when you have a question, you want answered and you can't.  I wish you the best of luck  

Answer 3

If your name is not on the contract, you won't be responsible for the payments but it can be considered an asset of yours.  Your attorney should be able to keep this item out of bankruptcy.  

You could have added your sisters car to your insurance without being on the title, just called your insurance company with the VIN number.