how to not harm co-signer

October 14th, 2007 by Questions

I would like to file for bankruptcy but there is only one thing that troubles me.

I have a 34,000 dll veicle that Im paying for, but I dont want my co-signer to be “harmed”. I have probably payed about 4 or 5 thousand dlls, I dont really want to give up the veicle.

so my question is simple, can I file for bankruptcy avoiding one of my loans to be touched or something similar that might lead to the same outcame? NOT HURTING THE CO-SIGNER ( I dont mind if I do pay for that loan even after bankruptcy )

Thank you very much.

Questions

One Response to “how to not harm co-signer”



, A licensed trustee said:

The short answer is, “it depends on which bank or finance company you are dealing with”. Secured debts (like car loans) are not included in bankruptcy unless you surrender the car to the lender or the lender decides to repossess your car once you file.

Many lenders will allow you to keep the car as long as you continue to make the required payments. I suggest you call you lender before you file and ask them what their policy is in regards to bankruptcy and get a committment in writng from them stating you make keep the car (and continue to pay).

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