QUESTION
I co-signed for a car for a family member and now he is filing bankrupt chapter 7 what can I do?
Asked on Jun 20th, 2013 on Bankruptcy - Arizona
9 ANSWERS
Richard hirsh
You will remain liable on that car note, even if the family member is discharged.
Answered on Jun 27th, 2013 at 5:08 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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If he surrenders the car, you will be liable for any deficiency. If he keeps paying for it, you will have no problems.
Answered on Jun 26th, 2013 at 8:09 AM
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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If he is reaffirming the debt, and continues to make the payments, you may not have to do anything. If he does not, you would be responsible for the debt.
Answered on Jun 22nd, 2013 at 2:34 AM
William Rhymer
You would still owe the debt because you co-signed. If the family member makes the payments you are ok. Or if he is letting the car go, you could take possession and pay for it yourself.
Answered on Jun 21st, 2013 at 10:18 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Pay the car loan balance or file bankruptcy.
Answered on Jun 21st, 2013 at 10:18 AM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You need to find out if that family member is keeping the car and intends to make the monthly payments. If he or she surrender the car, you will be liable for the debt.
Answered on Jun 20th, 2013 at 9:30 PM
Deborah F. Bowinski
If he intends to keep the car and maintain loan payments you don't need to do anything. If he will be surrendering the car then you must decide whether you want to keep it and take over the loan, or let it go back to the lender knowing that you will remain responsible for any deficiency on the loan after the vehicle is sold at auction.
Answered on Jun 20th, 2013 at 9:30 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Pay for the car that you co-signed for is the most likely outcome.
Answered on Jun 20th, 2013 at 9:28 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Wait and see what happens. If they pay the debt then you are fine. Otherwise, you will need to pay the debt or file your own bankruptcy.
Answered on Jun 20th, 2013 at 9:28 PM