QUESTION
Can my wife co-sign for a used vehicle for me if she is in bankruptcy?
Asked on Nov 28th, 2015 on Bankruptcy - New York
7 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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How bad is your credit that you need someone who's in bankruptcy as a cosigner? That's like asking for handouts from a guy sleeping under a bridge. Maybe you should skip getting a new car for now, sounds like going further in debt is the last thing you need. But to answer your lame question. If your wife is in Chapter 7, she can cosign; if she's in Chapter 13, she can't.
Answered on Dec 14th, 2015 at 4:53 AM
2 Awards
Yes.
Answered on Dec 07th, 2015 at 4:58 PM
Yes, but she should disclose her bankruptcy to the lender.
Answered on Dec 07th, 2015 at 4:58 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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It would be best to check with her bankruptcy trustee. If she is in a ch. 7, there should be no problem after she gets her discharge, about 3 months after filing. If she is in a ch. 13, the Trustee will want to know about it.
Answered on Dec 07th, 2015 at 4:58 PM
Your spouse could co-sign for you if she is in Chapter 7, but would need to obtain court permission to co-sign if she is in Chapter 13. I would not recommend that she do so.
Answered on Dec 07th, 2015 at 4:58 PM
Nothing stops her from doing that but she is not supposed to incur new debt while in bankruptcy.
Answered on Dec 07th, 2015 at 4:57 PM