I am the primary borrowe on a car loan. If I file a chapter 13 how does that effect the co-borrower's credit?
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The other co-signer doesn't file bankruptcy so as long as you keep making the payments, nothing happens to them. Very rarely a mistake is made and the bankruptcy might be added to their credit report in error. All the co-signer has to do is dispute the wrong entry and it will be immediately removed.Originally posted by mbelcher View Post
However, if you ever default on the car payment during your bk or after discharge, as long as you haven't signed a reaffirmation, you can walk away owing nothing. The problem is that then the co-signer will become responsible for making up any deficits and continuing to pay on the loan until it's paid in full.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
dont add that to your bankruptcy but always carry insurance on it and make sure your payments are on time.Chapter13
100% unsecured/secured payback
"WAITING FOR DISCHARGE" DONE!
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Huh? You have to include all debts in a bankruptcy filing. We can't pick and choose which debts to add.Originally posted by BKchapter13 View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.Comment
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