QUESTION
If I file bankruptcy, will the car be taken from me?
Asked on Oct 24th, 2017 on Bankruptcy - Colorado
More details to this question:
I am a co-signer on a car but I want to file bankruptcy. If I do, will the car be taken away from me and will it affect the other person's credit? I am currently making payments on time for my car.
4 ANSWERS
1 Award
The bankruptcy is not the issue. Status of the car loan is the issue. If the car payments are current an the car is insured, it will not be taken away. If the car payments are current, it will not negatively effect the other person's credit.
Answered on Oct 25th, 2017 at 6:53 PM
Maybe not. There's not enough info here to give you a definitive answer.
Answered on Oct 25th, 2017 at 6:53 PM
Bankruptcy Chapter 7 Attorney serving Fort Collins, CO
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The Salas Law Firm LLC
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The car should not be taken as long as the payments are current. It will not affect the co-debtor so long as the payments stay current.
Answered on Oct 24th, 2017 at 9:17 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
The car will not necessarily be repossessed if the other signor continues to make the payments.
Answered on Oct 24th, 2017 at 9:17 PM