i'm the cosigner

[caohwv]

i'm going to file bankruptcy and im the cosigner on my moms car loan. will it affect her credit. do i need to report it?

[FilingOnMyOwn]

It shouldn't affect her, no. She is now the primary lienholder on the account.

[djk]

if it was your credit which helped her get the loan, that creditor may up the interest rate now that your credit is not what it used to be

[caohwv]

build credit

my mom put me on as the cosigner to help build my credit. on my credit report the loan says it is joint with my mom. if i file do i need to report this car loan or just not mention the loan

[djk]

it is a debt of yours, so it should be included. when the court notifies the loan holder of your bankruptcy, as the secondary signature your situation may not affect the loan status.

[lrprn]

We are 13 rather than 7 but had the same concerns. Our then-teenaged kids are each listed as co-signers on two of our car loans too - my husband's brilliant idea at the time to help them get better credit scores (snort! that sure was a big miscalculation!) I was really worried about what would happen to the two of them when we filed Ch 13, but every bk lawyer we talked to said it was not a problem as long as the car loans were paid as agreed through our Ch 13 plan. Our lawyer did say it's very important for both of them to check their credit reports several times over the next few years and immediately dispute any incorrect information that might be mistakenly added to their credit reports making it look like they filed for bankruptcy rather than us. Might be a good idea for your mom to do the same just in case.