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Car loan, beneficiary added to title, if I file bankruptcy can the beneficiary take legal ownership

Gig Harbor, WA |

I had a Beneficiary added to the tilte to my car for a loan amount of $7K, If I file bankrupcy can they take legal ownership of the vehical?

Attorney Answers 1

Posted

The lender cannot take the car if you affirm the debt as part of the bankruptcy and keep making your payments. A bankruptcy trustee might be able to take the car, though, if it is worth more than the amount of the loan. That will depend upon what exemptions are available in your state and your personal circumstances. A bankruptcy lawyer in your state should be able to let you know if that is a potential problem (and, it usually is not a problem)

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