Car and Bankruptcy
Question: My boyfriend and i purchased a car five months ago i am the co-debtor for this vehicle and i am claiming bankruptcy. The car is secured through Royal Bank (the financing company) will they take the car? My boyfriend is not claiming bankruptcy.
Answer: Since your boyfriend is the primary borrower, and he is not filing for bankruptcy, the bank will probably not take the car, provided your boyfriend continues to pay for it.
To be sure, we suggest you contact the bank before you file for personal bankruptcy, and ask them to confirm that they will not take the car if you go bankrupt.