I am a cosigner on my wife's car. I am going to file Chapter 7 individually. She doesn't have to file in all the debt that I am discharging is soley under my name. Will she have to give up her car because I am her cosigner? Will she get to keep it as long as she keeps up the payments? She is going to keep up the payments and only had me as a cosigner to get approved for the loan.
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as a sidenote to the above post. i also have a car that is just under my name. i would like to reaffirm both. i wouldnt think that i would have to do a reaffirmation agreement on my wifes car since i am just a cosigner and not the main account holder. should we be able to reaffirm both cars and keep them both? -
Hi,Originally posted by rjmcconne
If the payments on the car you co-signed for your are current. Just don't list in your BK petition. If you don't feel comfortable going this route, see if your wife can qualify for the car alone now. If don't remove her name from the finance agreement, her credit will be negatively impacted by your BK filing.
As long as you're current on both payments, you will be able to keep both cars when you filing for BK. As long as both car payments combined aren't excessively high, e.g. $1500 + you will be okay, with reaffirming them.
Good Luck!The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.Comment
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