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cosigned vehicle and bankruptcy

A vehicle that i cosigned for went into reposession. The amount that is owing is over $35 000, i am a student and will be for the next 3 years. Would this mean i need to/should go bankrupt? or is there a way around it? All my other loans (studentloans/visa/bills) are in good standing.

Posted from: New Brunswick

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One Response to “cosigned vehicle and bankruptcy”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

If your vehicle was repossessed you will obviously be responsible for the remainder of your loan and have a significant blemish on your credit. From a credit standpoint a bankruptcy won’t have much difference, and would clear up your visa and other bills, make it easier to cover your existing cost of living. The trick is that it won’t cover your student loans. So is a bankruptcy necessary? This is difficult to tell based on the info in your post, but I do think you would be pretty close to the edge and suggest you meet with a local trustee to determine if this is the best direction or not.