Bankruptcy ?????????

Question

i have a car and a few other small debts...i would really like to get rid of the car but my grandmother was a co-signer on the loan.if i file would i be able to give the car up or would my co-signer be responsible? any one know? thanks

Answer 1

i believe that your debts will be wiped off the board (or managed somehow) but i believe  that anything with a cosigner will be the responsibilty of that individual

Answer 2

Filing for a chapter 7 bankruptcy or a chapter 13 bk, you will be able to keep the car...BUT, in a chapter 7 filing the vehicle has to be current on the loan to be able to re-affirm (court term for continuing to pay per usual), you would sign paperwork stating you agree to this and continue to pay the payments. If you default on the vehicle, they repo and they sell it/auction it off, they will come after you and your grandmother for the balance due after they auction it off...If you file bankruptcy and keep the vehicle, they won't go after her, but, they will if you default on it again. In a chapter 13, you go into what they call a payment plan thru the US Bankruptcy Trustees, the plans run 5 years, and the payments are figured by the Trustees as to how much you pay based on income, debts, assets and they come out of your paycheck each pay period per a wage order, it's not a garnishment, it's a wage order, it's a voluntary pay that you have agreed upon. The secured debts (vehcile, homes) are paid first, the un secured debts are paid last in the plans, basically, credit card debt that is included in the pay plans get barely paid. Once the 5 years of payments are over, the plan get's discharged like a chapter 7 bk..and at that time, the debts are most likely paid off...if you had a mortgage, the payment would go back to making your payments like you had before filing. My best advice, contact a good bankruptcy attorney in your area, two or three of them, most will see you free the first visit or free the first hour. They will be able to tell you what you qualify for. You don't state your income and to qualify for a 7 the new laws go by a median income for each state and how much you make, but an attorney will be able to tell you exactly what you qualify for.....Expect to pay anywhere for 800.00 to 1500.00 to filing bankruptcy. It's not a cheap thing to file for, but...you can get back on your feet after filing. Good Luck!!

Answer 3

Hi,

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Answer 4

If you file bankruptcy they wont take ur car from you but they will expect you to make the payments still. if you let it go to the bank while filing then it will effect the co signers credit score.