cosigner on car loan-Chap. 7
Date: Mon, 03/08/2010 - 09:48
I had a parent co-sign a new car loan for me about 2 years ago. Well, the economy happened and I got layed off. I had to file Chapter 7 and he was listed on the papers too, but as a co-debtor. It has been discharged and written off on our credit reports. Is he still liable?
Yes...they will come after him. I am assuming the vehicle was r
Yes...they will come after him. I am assuming the vehicle was repo'd. After the auction they will come after him for the deficiency balance, the difference between the loan and what the vehicle was sold for at auction.
