TL;DR: I own 50% of car with Dad, with 4 years of payments left. He has no other touchable assets. I cover all payments. Dad's recently in nursing home, only makes money from social security, and has a ton of unpaid debt that he can't afford to pay from being careless with personal loans. I may end up becoming his power of attorney. What kind of liability do I have? Is there any risk of losing the car, or any risk any of this may affect my credit?
long version: My dad has a lot of various debts from being extremely careless with taking out loans. Now he's in a nursing home, and those debts may end up going to collections as he can no longer pay. He's lucky enough that one collections agency sent a letter stating some debt had been discharged (which honestly seemed random and out of place, that particular one was only 4 years old) but I'm sure he has plenty more debts ready to pop up.
I did research and found that they can't touch his home/land, and he doesn't have any real assets. The only thing is the car. We both own 50% of the car, and it still has 4 years left to be paid off. Car payments aren't an issue, I've been paying and never have missed a payment. It's really my car, he just co-signed the loan for me.
From what I read it seems like they could technically take his half of it and buy out my half or something to that extent? Assuming of course they go as far as to take him to court and win. I'm not entirely sure how it works....
His only income is social security/disability, and has been for years.
Also, with me possibly becoming power of attorney, what kind of debt liability does that give me? I may just end up being healthcare surrogate, but he'll probably end up needing me to be full PoA to manage his money at some point.
His credit at this point doesn't really matter, we're just focused on his health. I'm just a bit concerned about losing my car or becoming liable for other debts.
Submitted December 31, 2018 at 09:41AM by Cramer19 http://bit.ly/2EXihdn
