I consigned for my spouse to get a car, she was making her own car pmts. I Have a car payment of my own. Now she wants the car to be repossessed. It needs repair. I'm worried about the Legal actions against me here in TX?
If you co-signed, it is as much your debt as hers so you will be held responsible legally as well as her and your credit will be affected just as if it was your debt.
If it is repossessed, it will likely be auctioned and you would be liable for the "deficiency" or the balance due on the loan, plus costs. It will be a derogatory item on your credit, and it is possible that you could be sued for the balance due.
Please consider this a hard lesson, don't co-sign for someone unless you are prepared to pay the debt.
We are a debt relief agency and we help people file for relief under the bankruptcy laws of the United States of America.
Co-signing on a debt is the same as incurring the debt on your own. If your wife allows the car to be repossessed, or just stops paying on the debt, the Creditor will come after you to pay the obligation. That is the agreement that you entered into when you cosigned on the car loan. Now may be the time for you to consult with a qualified bankruptcy attorney to evaluate your options. Be proactive, don't wait until things get out of hand. Best of Luck to you.
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