Car cosigner ?

[Michellemg]

Hi. I did a voluntary repo on my car and my mom cosigned a new auto loan for a car that is way cheaper. I plan on waiting 6 months to file because I was making a lot before I lost my job. I am, of course, going to reaffirm the loan. I got 0 apr. I am wondering how this is handled in bankruptcy. I want to make sure she isn't negatively impacted. Also, what happens if there is a couple thousand dollars in equity on the vehicle? Can they make us sell the car if we owe less than it is worth? I
Put quite a bit down, there's no interest and it is a car that holds value very well. Any light that you could shed on this would be very appreciated. Thanks.

[keepmine]

It won't affect your mother unless, you stop paying. Then, the lender comes after her.
You need to know how much equity Ca. allows you to exempt before we can tell you if the car is at risk.

[Michellemg]

CA lets you exempt up to 3300 for a car. If there is more than that in equity can I use the car exemption and part of the wildcard exemption?

[AngelinaCatHub]

CA lets you exempt up to 3300 for a car. If there is more than that in equity can I use the car exemption and part of the wildcard exemption?

You might, but who put so much down in equity? That may cause a bit of questions. Was it Mom or you? I would put some time between this and save up for your lawyer. I got hooked in a bk for a person who I signed for. My grandfather would not even sign for me when I had a great career. NEVER COSIGN a damned thing.

'Hub