Creditors and Bankruptcy/joint bankruptcy

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Expert: Ontrack Financial Group llc - 8/25/2009


Question
My mom & I include just about everything in both our names, joint bank accounts, car loans, insurance...etc.  Against my knowledge she filed bankruptcy which affects my car.  I am now having problems paying my car loan due to inconvenience.  The car loan company told me I can't pay the loan on line anymore, & by law they can not send me a bill in the mail.  So I am left with contacting them by phone which they want to charge a fee to take the payment by phone.  I've looked into trading the 3yr old car in but the payoff is too much to add onto a new car loan the payments would be ridiculous, can I just turn the car back in to them & start over on my own?

Answer
Dear Tonda,

Thank you for your question.


Your mother just created a fire storm to deal with.  Since she filed bankruptcy, you're now responsible to pay each debt.

If you're not on the loan, the lender must abide by the automatic stay.  

If you're a co-applicant on the loan, the lender is wrong and they can contact you. Also, under this scenario if you return the car you will be held responsible for the deficient balance on the loan.

Warm Regards,

Creditors and Bankruptcy

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