Re: 70k in debt

Posted by JJ on November 19, 2001 at 19:18:21:

In Reply to: Re: 70k in debt posted by john on November 19, 2001 at 16:20:45:

He needs to see a lawyer. I assume the car is financed jointly and if he files, the credit report on his brother will note the car loan as included in bk. They probably need to sell the car and use the proceeds to buy a clunker.
Depending on the state exemptions, he'll get to keep a car with a modest amount ofequity. There are a few games that can be played here but he needs to let a lawyer explain it to him. Most give free initial consultations.

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