What are my rights, please help?

Question

If there are two names on a car title can the main person sign the title over to the co-buyer? My grandmother is the buyer and I am the co-buyer of the vehicle, I have the car and make all the payments. She is going to be filing for bankruptcy and i am afraid of losing the car? Can they take the car or do I have rights since I am the co-buyer and the second name on the title? My grandmother also has her own car so Im afraid they wont let her keep both even though I have proof we make all payments on the one vehicle.

Answer 1

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Bankruptcy law permits you keep 2 cars and 1 house. She must wrote a letter to state that car is being paid for by you and that she only co-signed car for you. There is no way it can be taken away as long as the payments are not behind.

Answer 2

Yes she can sign the car over to you but she has to do it BEFORE she declares bankruptcy. If not, she'll run a very good risk of the car (a cashable asset) being included.

As for your grandmother's car she may be able to keep it if it falls within a threshold value. Not sure what it is but if bankruptcy trustees can't get anything for it, they won't want it anyway. She's bankrupt for a reason, so maybe she can do without a vehicle and get a bus pass for a while.