Posted on: 27th Mar, 2013 05:15 am
Heres my question. Years ago my Mother cosigned on a auto loan for me. That loan has been paid off for 10 years or so and I still have that old truck. She's now being foreclosed on and will file for bankruptcy very soon. She is also on the title of my truck. Will her bankrupty have any effect on the ownerhip of my truck? I thought I heard the bank can come after some of your stuff if you file for bankruptcy. I'd hate to have them come after my old reliable truck.
Hi Guest!
Welcome to the forums!
She will have to list the truck as her asset and the loan as her debt. She will get a discharge from it when she files bankruptcy. You will be responsible in paying off the auto loan alone when she gets a discharge.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
She will have to list the truck as her asset and the loan as her debt. She will get a discharge from it when she files bankruptcy. You will be responsible in paying off the auto loan alone when she gets a discharge.
Feel free to ask if you've further queries.
Sussane
Truck is already paid off. Has been paid off for 10 years. But she and I are both on the title. I just never took her off the title when I paid it off. I'm listed 1st then she is listed 2nd on the title. I'm not sure how it can be her asset when she just happened to be the cosigner and I the owner and person who paid the truck off.
Welcome Guest,
As she is on the title of the property, she can claim ownership rights to it.
As she is on the title of the property, she can claim ownership rights to it.