How soon will you sign bankrupcy papers?

Question

my cosigner meets with a bankrupcy lawyer today. i called my car loan company they said it would show up on my credit and i could lose my car if they filed under i think chapter 7. me and my husband signed up for a loan today to pay the car off so hopefully we wont have to get involved in this mess. all things look great but we wont know until monday if we get it. they told me at the car loan place that if i wanted to pay it off i had to do it before my cosigner files papers. will i have enough time?

Answer 1

if you're filing for BK, how can you expect to be approved for a loan. usually people file when their credit is in the toilet-if you do get the loan - don;t try and include that in your bankruptcy - that would be fraud or something very serious like that - it wouldn;t be accepted in the BK  and they could deny your entire BK

Answer 2

Even if your co-signer files it won't show as bankruptcy on your credit unless they pull a joint credit (like if you were married).    Your co-signers credit file will show bankruptcy & they won't try to collect from him/her anymore but you should be fine.  They will try to collect from you though so good luck with the loan.

Answer 3

yes as it will take several days even weeks for there to be  a meeting of the creditors