If just your dad's name is on the loan, then his personal liability to pay it will be discharged but if you continue to pay the bank, they will generally allow you to keep the vehicle.

Answer Applies to: Indiana
Replied: 9/29/2011

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Generally in this type of situation as long as you continue to pay for the car you should be fine. You should ask your father to discuss this with his attorney so that if necessary the debt can be re affirmed.

Answer Applies to: California
Replied: 9/29/2011

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Do not worry. However you must keep making the payments.

Answer Applies to: California
Replied: 9/29/2011

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What chapter is your dad filing? Are you on the loan with your dad? Are you on the title? If you want to keep the car, the most important thing is to make payments, but not knowing all the facts I can't tell you specifics of what will happen. You should speak with an attorney and possibly your dad's attorney.

Answer Applies to: Arizona
Replied: 9/29/2011

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Even though you have always made the car payments on your own, currently, your dad is legally responsible for keeping the payments current. If you stopped making regular payments, the lender would come after both of you, even though you have been the one making all the monthly payments. Once your father files for bankruptcy, and unless he reaffirms this debt, he will no longer have any legal duty under the loan contract. It should be clear to your lender that the only person who has filed is your father, and your loan should not be adversely affected.

Answer Applies to: Massachusetts
Replied: 9/28/2011

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If your dad files bankruptcy, then the lender will be notified of the filing and they will generally ask him to sign a reaffirmation agreement, which is an agreement that means that the note for the car will survive the bankruptcy. If he does not sign the reaffirmation agreement, it is up to the lender to decide if they will want to repossess the car or just leave the debt on you.

Answer Applies to: New York
Replied: 9/28/2011

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You will be listed as a co-debtor on your father's petition. Contact your car lender and let them know you are not defaulting on your loan. There may be some impact on your credit rating, but it should be minimal.

Answer Applies to: Colorado
Replied: 9/28/2011

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You need to make sure he signs a reaffirmation so you can keep the car.

Answer Applies to: Florida
Replied: 9/28/2011

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The bank may take the car or you may affirm. It depends. Most of the time if you are making your payment you are fine and there will be no repo. Your attorney should be able to advise you.

Answer Applies to: Illinois
Replied: 9/28/2011

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No, you do not need to be worried so long as you continue to make the car payment. The bank will let you keep the car provided you make the monthly payment despite your father filing for bankruptcy.

Answer Applies to: Colorado
Replied: 9/27/2011

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If he is on the loan, his filing may affect the car.

Answer Applies to: Georgia
Replied: 9/27/2011

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Depending on the lender, he may have to reaffirm the loan (agree to continue to be legally responsible for the payments being made). It should not affect your credit, however, unless you do not make the payments.

Answer Applies to: California
Replied: 9/27/2011

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Your Dad filing bankruptcy will not affect you and your car payments. Just keep them current. He does not need to "reaffirm on your car. Good luck.

Answer Applies to: Ohio
Replied: 9/27/2011

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Really not much you can do. Just keep making the payments and everything should be fine. A lot depends on your lender. You may want to call them ahead of time and ask for instructions. Some banks will not allow you to make electronic payments after filing. Some banks will just bill you like nothing ever happened, others will never send either of you a statement again. Make sure you have the proper payment address and account number before your Dad files and make sure to send in the payment if you stop receiving statements. If you can post the name of the lender, it might have more specific advice. Good Luck!

Answer Applies to: California
Replied: 9/27/2011

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If your dad is a co-debtor on your car loan keep making the payments. The lender may seek a reaffirmation agreement but he shouldn't sign one.

Answer Applies to: California
Replied: 9/27/2011

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The problem is whether your Dad has an ownership interest in the car, and if the car has sufficient equity to interest a bankruptcy trustee. Normally a car that is financed is worth about the same as the remaining balance on the car, so this is generally not a problem. But the exemption for a car is a little less that $3000, so if your Dad is a one-half owner and the equity in the car is more than $6,000 then the bankruptcy trustee may want to sell it to realize the money for creditors.

Answer Applies to: California
Replied: 9/27/2011

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If you and your dad are both on the loan, then the legal obligation to pay as for your dad will be eliminated. You can continue to keep the vehicle provided that you are up to date on your payments and that you remain current.

Answer Applies to: Illinois
Replied: 9/27/2011

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You and your dad are "co-debtors" on the car loan. Your dad's bankruptcy filing will probably show up on your credit report, because the loan is in banikruptcy (even though it is your dad's bankruptcy only).This is particularly true if the car loan is with a big, national creditor, such as Ford Motor Credit, Chrysler Financial, Capital One Auto Finance, etc.Usually the only way to keep this from happening is to either refinance the loan in your name before he files for bankruptcy - if you can't do that, then you dad may want to consider reaffirming the car loan (this means that he will continue to be obligated along with you on the loan - it's as if he had never filed for bankruptcy with respect to that loan). If he reaffirms the car loan, that will probably prevent your credit from being damaged by the bankruptcy filing. A reaffirmation agreement is required in order to reaffirm the debt.These are usually prepared by the creditor. Also, for some regional or local banks, they are more lenient in their policies and they will not put in a bad report on your credit, even if your dad has filed for bankruiptcy and even if he doesn't reaffirm the debt, provided that the payments are kept up to date.

Answer Applies to: Virginia
Replied: 9/27/2011

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You do not need to worry. Just keep making your car payments. As long as you pay the car, you will be fine.

Answer Applies to: California
Replied: 9/27/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.