Co-Signed Vehicle

[MidnightSun]

I bought a truck 3 yrs. ago. My roommate co-signed for me. His name was on the registration when I got it--which made sense because he co-signed the loan. The loan was sold to another bank about 1 yr later. He is going through Chapter 7 bankruptcy now. Does this mean they can take my truck?

He also wants to know if anyone here that has gone through bankruptcy, had the creditors actually come out to their house to take inventory??

Thank you,

[da242911]

Bump. I wouldnt mind seeing some peoples answer to this. As in Im in the opposite situation. Im cosigning on my girlfriends car loan soon and also converting my chapter 13 to a ch 7. (yes my bank is letting me cosign even with ch 13) But I dont want her to lose the car if shes primary and making current payments.

[helpmeout]

Bump. I wouldnt mind seeing some peoples answer to this. As in Im in the opposite situation. Im cosigning on my girlfriends car loan soon and also converting my chapter 13 to a ch 7. (yes my bank is letting me cosign even with ch 13) But I dont want her to lose the car if shes primary and making current payments.

The bank may be letting you, but what about your Trustee?

[chrisdfw]

Two issues. The bank and the trustee. is there equity in the vehicle?

The bank will not care as long as one of the joint owners is not in bankruptcy and the vehicle is current.