Car loan cosignor filing ch. 7.... HELP!

[eleceng]

My question involves bankruptcy in the state of: Massachusetts

Hi,

two years ago my father co-signed for my car loan. I was the primary borrower. The car seller registered the car under both of our names.

I have never skipped a payment and never have been late.

My father is now filing for Ch. 7 bankruptcy and I want to know if this will affect my credit rating?

Thanks in advance

P.S. sorry i posted this before in another forum by mistake but this seems to be the most appropriate forum.

[kornellred]

I was a co-signer on my son's car loan and I filed for Chapter 13. According to my attorney, it would not affect my son's credit rating - and it didn't, even though co-signers both own the debt. I had to list the loan as one of my debts.

[eleceng]

Hey thanks for the reply!

Was your name on the car's registration?

[zpbk13]

I am in a similar situation. I co-signed for a vehicle for my son. We will probably have to go 13. The one lawyer we consulted with said no problem for him to take it over. I just want it out of my name. We have another consult later this morning with a different lawyer and I intend to ask the same thing plus ask if it will affect my son's credit rating. We will see what he says.

[AngelinaCatHub]

It should not hurt you at all. However, you now have 100% obligation to pay the account. I'm sure you were anyway. Sorry about Dad, but he had to make the business decission. 'Hub