Can I lose my car? (Bankruptcy Question)

Question

My stepdad is filing for bankruptcy (it's a long story) but last year he was going to co-sign a car for me..well of course what happens is since my credit stinks ..my stepdad because the actual signer and i'm the co-signer. My stepdad is going to file for bankruptcy...does that mean they will repo my car?

Ever since I got the car, automatic payments have been coming out of my bank account ..it's been a year this month i've had the car, (its brand new, not used). If he files, will I lose my car even though I've been making payments?

Answer 1

No. Anything that the payments are kept up on will not fall to bankrupt

you keep it and keep making those pmts.

Answer 2

~~On his bankruptcy paperwork he does have to list all debts however there is another section where he puts the debts he needs relief from. He need not list the car as long as you make the payments. He may need to show the court he is just a cosigner by letting them see your payment record (his attorney will best advise him on this). You have to be absolutely positive you can keep on with the payments as once his debts are dismissed he is stuck with that loan!~~  

Answer 3

The only way your vehicle will get taken away is if you stop making payments on it.  Too bad the car isn't in your name because on-time payments boost your credit rating.  Your step-dad must have stellar ratings for that because the car is in his name and payments are being made on time.  Why don't you just switch the title to your name and "purchase" the car from your step-dad?  

Answer 4

As long as you keep the payments up everything will be okay.

Answer 5

Well...seeing you got some bogus answers...and you know your credit isn't good to re-finance...When you dad files his bankrupty case, all he has to do is tell the bankruptcy attorney that the car is co-signed by you as he had the strongest financial means at the time of the purchase. In the bankruptcy, he can re-affirm on the loan (you keep making payments), or if he doesn't re-affirm the payments will get defaulted to you anyways. If the car is current now in payments you should have nothing to worry about, but he should at least run in by his bankruptcy attorney so you do everything correctly so there are no surprises down the line. Good Luck!!!

Answer 6

That is part of the reason of a cosigner, he won't actually file bankruptcy on your car, he will omit it.

So it will probably still be in both your names.

If he does file banko on that car, his named will be removed from it and you will be the only signer on the car.

Answer 7

I doubt it, as long as payments keep coming, why would they take the car.

Answer 8

No the bank will not reposses your car unless your stepdad puts in the bankruptcy the vehicle.  Now, you should definetly untangle your name from this refinance the car to your name, you are already making the payments and can show the financial company you are making payments on time.  

Under no circumstances give anyone access to your money.  You never know when you will have an emergency and these people are taking your money out.  No, pay every month but not EFT.  That could become a liability in the future.