Chapter 7 and My Son's Car by: Debtcollectionanswers.com
Sorry that you have to file for bankruptcy. I am sure that taking that step was not an easy decision for you. As for the car you gave to your son, if the title to the car is now in his name, then he owns the car not you, and therefore, the car will not be affected by your bankruptcy. However, if you didn't give him title to the car, then you are still its legal owner and you could lose it in the bankruptcy.
If you do not already have a bankruptcy attorney, I recommend that you hire one. The attorney will explain how bankruptcy works, what assets you can keep and what ones you may have to give up to pay your creditors. And, if you still own the car your son is driving, the attorney can help you figure out if there is a way that you can avoid losing it. Click here for a a free consultation with a bankruptcy attorney.
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