Question on bankruptcy

[Fsrkia]

I have a question on bankruptcy, I have a car under my dad' name so if my dad were to bankrupt, what will happen to my car?

I am paying for the car totally, wil the creditors/banks take back the car? the car is still a liability(not yet breakeven) and have about 5 years to pay..

 

please advise me

[2bfree]

I have a question on bankruptcy, I have a car under my dad' name so if my dad were to bankrupt, what will happen to my car?

I am paying for the car totally, wil the creditors/banks take back the car? the car is still a liability(not yet breakeven) and have about 5 years to pay..

 

please advise me

 

Tow n auction.

[Fsrkia]

tow and auction the bank also cannot get back a single cent right?

[2bfree]

tow and auction the bank also cannot get back a single cent right?

 

Sale proceedings go to ur outstanding car payment+penalty for early settlement etc. If sale proceeding not able to cover, outstanding amount will be claimed against owner. Demand payments thru legal letters, payment default, interest remains etc.

[CH_CO]

Tow and auction , most likely. Since the car is registered under your dad , it is unlikely that you are able to "claim" it back. As mentioned by the bros here , auction proceeds would be taken to reduce the debts ,remaining balance added to your dad.

 

If you really want to get back the car , go to the auction and bid the car back.

Edited October 29, 2009 by CH_CO

[Fsrkia]

can i transfer the car to my name now? but insurance wise they allow the transfer of the 50% ncd?

[CH_CO]

once the demand letter is drafted i think pretty hard.

[Kusje]

can i transfer the car to my name now? but insurance wise they allow the transfer of the 50% ncd?

 

Too late. Otherwise might as well transfer all the other assets like houses as well.

[Fsrkia]

can a bankruptcy have his ncd transferred to his son?

[Samnet]

no. ncd is attached to the person's name and car number.

can only transfer to another car under same person's name

[Samnet]

ask the creditor what they intend to do to the car.

if its a liability, they wun even bother to re-possess it.