QUESTION
Will they come after me for payments if I am the cosigner?
Asked on Mar 15th, 2016 on Bankruptcy - Colorado
More details to this question:
My fiancé filed for bankruptcy. He was only one payment behind. They picked up the car and said because he filed for chapter 7 bankruptcy. He is no longer liable for the car.
8 ANSWERS
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes. You are a co-signer. That is the same as being a co-borrower. You are on the hook for the debt now since the other borrower discharged their obligation in Bankruptcy.
Answered on Apr 20th, 2016 at 4:42 AM
Unless the creditor applied for and received relief from the automatic stay, taking the car is a violation of the bankruptcy stay and can be prosecuted as contempt. Yet it is still possible for them to come after you as a co-signer on the loan. You need to consult a lawyer immediately.
Answered on Apr 18th, 2016 at 4:56 PM
The bankruptcy discharge of someone else does not protect you from being legally responsible for a debt you cosigned. Unless you also plan to file bankruptcy, you may want to see if you are able to settle this debt before this creditor files a lawsuit with your name as Defendant.
Answered on Apr 18th, 2016 at 4:56 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes as his cosigner, you're still liable on the car loan and he's not. So, you're the only person who they can go to for the money. You might want to rethink getting married to this deadbeat. He's sticking you with his car loan - a real stand up guy. He's declared bankruptcy which should get him out of his other debts but you should bide your time to see if he's become a responsible adult or whether he's still a bad little boy that's going to ruin your credit and leave you with a pile of debt.
Answered on Apr 18th, 2016 at 4:56 PM
2 Awards
If you are the cosigner you are also responsible for the car. Is bankruptcy discharge will wipe out his obligation.
Answered on Apr 18th, 2016 at 4:55 PM
Yes, they can pursue you. That's exactly why they ask for cosigners.
Answered on Apr 18th, 2016 at 4:54 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Under these facts, the answer is yes. Good Luck p.s. Has your fiance contacted the lender? Perhaps he can work something out.
Answered on Apr 18th, 2016 at 4:54 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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Yes.
Answered on Apr 18th, 2016 at 4:54 PM