Please Help Im The Jerk Sorry I Mean Co Signer

[MyMomSux]

Hello

All,


just today my mother decides she filing chapter 7 for a vehicle she doesnt want to continue paying for because it turned out to be a lemon (2006 dodge charger) well at the time of purchase i co signed and im pissed off because we had a very long discussion about this before i signed any contracts now GUESS WHAT 2 yrs later we dealing with this.

im 24 yrs old with excellent credit i am very new to this whole BK world im not familiar at all with any of it can somebody please explain to me the process and what is going to affect me now and in the future with this BK issue.

[AngelinaCatHub]

I'm an authority in this. Yes I signed for a friend. I got 13k reward against me and no car. Anyway, you both are equally responsible for the debt. If she is the primary and defaults, the car will be picked up and sold wholesale at auction and you will be sued for the difference. The other alternative is you pay for the car and take it yourself. Attempt to sell it or trade it for something you like. Yes you are on the sh*t list for the money owed.

In my case I did a favor for someone who defaulted and I was already going bk so I was discharged. The other signer who owned the car, did not respond to the suit and he got a default judgment against him for the full amount. It is not collectable as this guy does not make much money anyway. Sorry it had to be your Mom. Forget Mother’s day….. ‘Hub

[Flamingo]

AngelinaCatHub hits it right on - no matter for who or what or whatever the story, never cosign for anyone no matter what the sob story because it is always possible you will end up with the debt or the payment. Remember that. If you will not be able to afford the payment or the debt, don't sign. The same applies as to lending money to friends or relatives - don't lend if you don't have the money that may not be paid back. If you can afford to lose the money, lend it if you want; otherwise, plead broke or you cannot get your money out for weeks (i.e. stuck in 401(k), paperwork, etc.).

[LegalBeagel]

You know, there are lemon laws in each state, I don't know if your mom looked into this option.

I think you can also surmise that it will not be in your favor if the car is repossessed. If it's repossessed, you will be hounded, and you'll have nothing to show for it. They are supposed to sell a repossession at a commerically reasonable sale, you pay the balance. However, they are quick auction sales. You usually have more options if you can make the payments for a while, and work out something i.e. possible sale to another party.

[BK2008]

Is there any way you can get a loan and re-fi it back to your name only??
You probably don't want the car, but I think that may be a better option than having a repo on your record, which is what will ultimately occur if you mom files BK and surrenders the car. It will get discharged in her BK, but show as a repo on your credit report.

[TEW]

Is there any way you can get a loan and re-fi it back to your name only??
You probably don't want the car, but I think that may be a better option than having a repo on your record, which is what will ultimately occur if you mom files BK and surrenders the car. It will get discharged in her BK, but show as a repo on your credit report.