May 29th, 2009 by Questions
I am a co-signer for my son`s vehicle which he makes the payments on. I am contemplating bankruptcy for myself. What will this mean for my son`s vehicle?
Posted from: Alberta
May 30, 2009 at 9:27 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
This is really up to the company who you have financed the vehicle through. Technically speaking when one of the people on the agreement files for bankruptcy the vehicle can be seized by the lender. However, when there is a good history of payment most lenders have no interest in seizing the vehicle as it will result in them making significantly less money long term as well as increasing the amount of time and energy they will have to spend in the process.
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