If you default, the bank could decide to pursue you or the co-signer.
Social Security earnings are not subject to garnishment (accept by the IRS, child support agencies, and state tax authorities). That does not mean they won't go after the co-signer. Once the matter is in default, the can repossess, sell the RV, and sue for any deficiency. If they are successful, they will get a judgment that can be collected upon. This includes possible property liens, seizing accounts, and other collection methods. So, as a matter of business sense it may be unwise to pursue someone earning only social security, but they can pursue the co-signer and take other collection actions.
I agree with the previous response. However, you may want to consult with a bankruptcy attorney to determine if you qualify for protection under the bankruptcy code (Chapter 7 or Chapter 13). If you were eligible for bankruptcy protection, or if the co-signor were eligible for bankruptcy protection, then either or both of you may be able to avoid any further liability related to the RV. Alternatively, and depending on where you live, some State Courts permit you to seek protection from creditors by the filing of a Trusteeship in the municipal court. Again, I would recommend that you consult with an attorney experienced in the areas of debtor-creditor law and bankruptcy law. Good Luck!
