Expert: Mark J. Markus- California Bankruptcy Attorney - 9/10/2007

Question
I was wondering if you had a moment to help me.  Yesterday my dad and I went to a car dealership to finance a pre-owned car for me.  My credit alone didn't qualify to have my dad even as a cosigner, so he had to be the buyer and I was the co-buyer.  The problem is my dad is planning to file bankruptcy soon as a result of an accident about 6 months ago leaving him 200,000 in debt from medical bills.  My name is also on the title of the car, and I'm making all the payments.  I don't know all of the details of his bankruptcy, but he has two properties in Hawaii that he will be giving up, and I'm not sure about the house since it's in my grandpa's name.  Will the fact that he just financed a car effect weather or not he can qualify for bankruptcy?  Or if he does, will they take the car?  Thank you so much for taking the time to read this.   Any information will help me greatly.

Answer
Whether he can "qualify" for bankruptcy I will leave up to his bankruptcy attorney.  That is far too involved to address with the facts you've provided.  As far as keeping the car, that depends on the equity, amount of exemptions he has under state law, and the value of his other assets (as well, of course, as whether the payments continue to be made on the vehicle).