Posted on: 27th Dec, 2011 12:04 am
There is round $20,000 in my credit card debt. I also have a 2009 Honda fit (sport's car) in my name and fully paid for. But the trick here is that I need to make payments to my aunt monthly as she had originally paid for the car. I haven't missed any payments on the credit cards but the overall debit just is overwhelming. Is there anything I can do to file 7 and keep my car?
If the car is in your name, then it will considered as your asset and you will have to list it when you file Chapter 7. As the car is apparently free and clear, then your bankruptcy attorney may sell off the asset in order to pay off your creditors. However, if the car is in your aunt's name, then the bankruptcy trustee won't be able to come after it.