Son's Car In My Name

[hmw]

What is the name of your state?What is the name of your state? Illinois
My son (26 yrs old) bought a car and put the title in my name. He was afraid his significant other would be able to get ownership if they split up. Now, I'm filing chapter 7 bankruptcy. How should I list the car since ownership is in my name, but it's actually owned by my son. The car was purchased for $8,000.00. There is not money owed on the car. Thanks

 

[djohnson]

The actual ownership of this car is yours. There is no getting around it. It is an asset and has equity, depending on the rest of your situation, you may lose it. Also depending on what chapter you are filing, he could file a claim and get pennies on the dollar for it. If you sell it to him, you would have to wait an additional amount of time before filing. You need to talk to your attorney.