Car Co-Signer during Chapter 7

[OhioForeclosure]

I have about $7,000 in Credit Card on 5 cards-two are approved for litigation none is over $1,300. I have various other dischargeable debt equaling about $600. I also have student loans of about $18,000.

I have a car that I have about $5,000 in equity but still owe 4,000 it is co-signed.

If I declare bankruptcy Chapter 7 would I lose the car or would the co-signer be legally obligated to take over payments? I own maybe $500 in total assets that could be sold or claimed as exemptions.

Also can a bk trustee take away family pets?

[keepmine]

Student loans will likely survive bk. The equity in your car is likely below what your state exempts so, as long as you keep paying, you keep the car. And, nobody wants your pets.
So, you are trying to discharge $7600 worth of cc debt. That's not worth filing bk over.

[Cali]

Is there anyway you can find the money to pay the 7600$ off, because IMO that isn't enough to file on. You might want to save the BK card for later in life, should you need it.

[southernbelle]

The trustee won't want your pets. Have you tried to contact the creditors to try to make some sort of payment arrangements, explaining your situation. It seems like they would be willing to accept any kind of arrangement if they knew you were considering BK and they would end up getting nothing.

Also, if you can get by with a smaller used car that is much cheaper, you might be able to sell your car and use some of the equity for bills. That would also get your co-signer off the hook. If you file BK, I think your cosigner would be held responsible for the balance since you would be discharging your personal liability for that debt. And with so little in assets, you would probably be considered a straight Chapter 7 no asset case.