Car Loans For Bankruptcy
I co-signed on a car loan the other party is planning to file bankruptcy will I be liable for the debt?
I co-signed on an auto loan the other party had an accident in the car(the car was totaled,he had no insurance) the car was voluntarily repoed. I am now making the payments so they would not garnish my wages. Will I continue to be liable for this debt if he files bankruptcy? Is there anything I can do to get my money back from the other party once the debt is satisfied.
YES, sad to say, but when u co-sign u have just as much ownership if not responsibility for the vehicle…once they fire bankruptcy that will also go on YOUR record…you wont have to pay for the car any longer, but ur credit will drop dramatically.