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4 Responses to “What happens to my car loan if my co-signer files bankruptcy?”
Assuming the car is in your name, being one of the co-applicants, you’d have to deal with settling the loan. It’s best to talk to a bankruptcy lawyer on this. But as fas far as I know, it’s best to have some kind of insurance on this loan that will keep the monthly payments flowing come what may. If nothing works and the bank has it’s way, it’s within its rights to repossess the car.
The question is …who has the title? Did you default on the loan so the co-signer took it over? If that is the case, I would say he has more rights to the car than you.
April 8th, 2010 at 5:23 am
Assuming the car is in your name, being one of the co-applicants, you’d have to deal with settling the loan. It’s best to talk to a bankruptcy lawyer on this. But as fas far as I know, it’s best to have some kind of insurance on this loan that will keep the monthly payments flowing come what may. If nothing works and the bank has it’s way, it’s within its rights to repossess the car.
April 8th, 2010 at 5:23 am
The question is …who has the title? Did you default on the loan so the co-signer took it over? If that is the case, I would say he has more rights to the car than you.
April 8th, 2010 at 5:23 am
If your co-signor files chapter 7 and includes the car, then everything is on you.
April 8th, 2010 at 5:23 am
You stay unaffected since the car is in your name and she’s only a cosigner.