Will my bankruptcy affect my cosigner?

[whirlwind123]

I was talking to some one and they said if my mom cosigns for this car for me that it will affect her credit if she cosigns? Is this true., I am not including the car in the bankruptcy I am paying it., It is the only way I can get a 8% interest., my mom knows and trusts me ., I will pay this, I just don't want to negatively affect her credit., ??? I know it will show on mine as bankruptcy filed., but she is not filing bankruptcy., maybe it willl show on hers that I filed a bankruptcy., I know I am running of the mouth.,
please help any advice?

[forgotten]

It may show up on her credit as included in ch13/never late, which would be accurate. Even if you are paying outside the plan it is still included.

That notation would be a negative mark. How much it would affect her credit, i'm not sure.

[Flamingo]

Think about what occurred...when your mother co-signed for your car, she became liable for the debt if you did not pay the debt. So, therefore, since all debts are included in a bankruptcy filing, your car will be part of your bankruptcy filing and will be listed as such on your credit reports, even if you make the payments outside of your Chapter 13 Plan. Since your auto loan is appearing in your mother's credit reports since she co-signed, it will appear as being included in bankruptcy. She will probably have to attempt to get wording on her credit reports via her consumer statement or in the account comment section itself for the vehicle loan indicating that it was not she who filed, but you.

[whirlwind123]

I spoke to my mom about this., and she says there really doesn't seem to be much choice., she wondered if she co-signs and only her, does this show up on my Dad's credit also??? and if she definately can have the wording changed?

[rrockinggramma]

if it does show up she can dispute with the credit bureau to have the notation removed It is not her bankruptcy. My son was a cosigner and my chapter 13 never showed up on his credit report.