Co Ownership

[willietc1]

I live with my girl friend at her house and pay half the mortgage and utilities. Last January we bought a new motorcycle and it’s in both our names and we share the payments and insurance now she had a issue come up and is looking at bankruptcy she has a car that is paid off but how will the motorcycle be dealt with since I’m a co owner also we have only paid 7 payments so there is no equity in it yet cause most money is in interest also will her bankruptcy effect me credit wise

[justbroke]

Usually, if the title has an "or" between your names, then you each own it 100%. If it has an "and" between the names, then you have equal equity in the vehicle. Your significant other (SO) may or may not be required to reaffirm the motorcycle. Because the motorcycle has a loan, I see no problems with the Trustee wanting to sell the motorcycle.

However, your SO will need to find enough exemptions to cover the cost of the unencumbered (no loan) car. Hopefully she seeks legal advice from a local attorney because that car may be a juicy asset.