Filing for bankruptcy with a co-signed car loan?
Tags:car loan, filing for bankruptcy, poor credit, unrelated circumstances,
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I co-signed for a automobile loan for my ex (I’m a primary) a couple of years ago. Due to separate resources we right away have to record for bankruptcy. Now, he hasn’t been gripping up with a payments as well as we do not wish my name upon this loan anymore. we know he won”t be means to refinance due to his bad credit so my subject is: How is my filing for failure starting to start him? Will they take a automobile from him?
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Related solution post:
I would visit http://diylegalinfo.com/bankruptcy_Links.html They have a lot of good information on bankruptcy questions.
Several answers here are WRONG. See an attorney. Nearly all bankruptcy lawyers offer free consultations.
The creditor has the right to repossess the vehicle if they aren’t paid; he isn’t paying for it, so they can repossess.
By filing bankruptcy, you will be released from liability on the loan. However, the car creditor has the right to demand that you reaffirm the loan – that is, put yourself back on the hook for it – even though there is another responsible party (Ford Motor Credit, in particular, is notorious for this). If you don’t, they can repossess.
Ultimately, though, he’s your EX. And he’s NOT MAKING THE PAYMENTS. It’s HIS fault the car is getting repossessed. Do what’s right for you.
Your filing for bankruptcy will not affect your consignee. You are are the one filing for bankruptcy, he is not.
If he can’t pay for the car, it will be repossessed.
If "you’re the primary" borrower, that is not cosigning. Whose name is on the vehicle title and whose name(s) is/are listing as borrower(s).
The cr won’t be included in the bankruptcy because it is a loan tied to specific collateral. The lender won’t car as long as they keep getting the payments from somebody.
He will have to continue making payments as he currently does. If you successfully file bankruptcy, you will no longer be liable for the car payment. It will not matter that your name is on the loan. These are the types of questions that you need to ask the lawyer that handles your bankruptcy case.