There is often some confusion with cosigned vehicles and a bankruptcy filing.One questioner asked me : "my ex if filing for bankruptcy and he is the co signer on my car and he wants to add that in to the bankruptcy. will they repo my car or how can i protect myself from getting my car taken if he adds it?????" Answer: If you are current and maintain the payments and insurance, you should be fine and can keep the vehicle when a cosigner surrenders their interest in the vehicle.In other...
Cosigner responsibility
I was recently asked how a bankruptcy affects a cosigner.Question: Hello. I filed for bankruptcy and was discharged a year and a half ago. At the time I had a car lease that was paid to date, but was still a part of my bankruptcy. (My lawyer advised me to turn in the vehicle so that I would not be responsible for extra fees and/or other things) My mother co-signed on this loan for me. My mother received a letter from the lender stating she owed...