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Chapter 7 car loan cosigner
Chicago, IL
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Posted about 1 month ago in Bankruptcy / Chapter 7
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I'm about to filed for chap 7 bk in illinois. My car loan is under both my mother and my name. She is the primary and i'm the co-signer. She co signed for me because I didn't have any credit. Because of that, the car is registered under her name. Do I need to include this in the bankruptcy? Is it possible they can take the car? I want to keep the car. I was struggling for a while but finally managed to bring my car loan to current last month.
Answers (1)
David Adam Blansky
This attorney is licensed in New York.
Posted about 1 month ago.
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Only your obligation under the car loan will be discharged in your bankruptcy. Your mother will continue to be liable for the debt. Should you desire to retain the vehicle, you will need to reaffirm the debt as part of your filing and make the payments going forward. Keep in mind that, as a result, your bankruptcy would proceed with you continuing to be obligated for this debt and your bankruptcy would not impact your mother's obligations under the auto loan.
The foregoing is provided for informational purposes and is not intended to substitute for legal advise of counsel admitted in your jurisdiction having appropriate expertise. |
