QUESTION
What actions can be taken against a co-signer on a car in Texas?
Asked on Jul 05th, 2012 on Bankruptcy - Texas
More details to this question:
My mom co-signed for me on my vehicle. I am filing Chapter 13. How will this affect my Mom and her assets? What are the possible actions the lender can take? Will it affect her homestead, IRAs, car, etc?????
1 ANSWER
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?1301 of the bankruptcy code generally prevents a creditor from going after a co-debtor/co-signer while the Chapter 13 is progressing. The lender can file a motion to lift the automatic stay and if granted then pursue their normal collection efforts. However, if the vehicle is being paid for through the plan then the odds are not very likely that the judge will grant the relief.
Answered on Jul 16th, 2012 at 6:00 PM