auto loans for bankruptcy
Jan/100
auto loans for bankruptcy
Is the my co-signer on my car loan liable after I file chapter 7 bankruptcy in California.?
My father co-signed on my auto loan before I lost my income. I filed chapter 7 but have continued to make payments on the car in attempt to keep my fathers credit from getting ruined. Would the car show up on hes credit as in default? If I gave it back to the dealer would they come after my father for payment?
Well it already shows on his credit as “Included in bankruptcy of another” so if you give the vehicle of course the lender will go after your Dad for the balance due plus all fees resulting from the repossession.
If he does not pay they can take him to court get a judgment and then attach his bank accounts, garnish his wages and place liens on any real property he may own like cars, boats, land and homes.
All of this will show on his credit for the next 7-years making it very hard for him to get approved for any other types of loans without making massive down payment, paying huge fees and State maximum interest rates.
How to Buy a Car with Bad Credit, Auto Credit Express® Video