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    Cosigner on vehicle

    Hello,

    Very informative forum, thanks to the community.

    Questions is, I have a cosigner on an auto loan that I REALLY dont want to screw by declaring BK, but see no other option. What will happen if I reaffirm the auto loan? Will this adversley affect their credit?

    Have a meeting with attorney next week.

    Thanks!

    #2
    if you reaffirm- nothing should happen. Because you're telling the auto loan company that no matter what- you're responsible for the loan and you will pay it.

    If you don't reaffirm the loan, and you include it in your bankruptcy- they can (and most likely will) go after the co-signer of the loan for the balance owed on the vehicle loan.

    Good luck


    Originally posted by Chester View Post
    Hello,

    Very informative forum, thanks to the community.

    Questions is, I have a cosigner on an auto loan that I REALLY dont want to screw by declaring BK, but see no other option. What will happen if I reaffirm the auto loan? Will this adversley affect their credit?

    Have a meeting with attorney next week.

    Thanks!
    Filed Pro Se: 10/16/2009
    341 Scheduled: 11/23/2009
    Last Day for Objections: 1/22/2010
    Discharged: 1/28/2010

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