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[djcheddar]

Hello,

I am needing to file for chap 7 asap. But have an important question before pursuing it.

My current car is too much payment wise, so I was thinking the only choice I have is to voluntarily repo it. And then go to a dealership, get a cheap used car and have a immediate relative co-sign for me, and then pursue the BK once I have that secured.

My question is,

Will the co-signer be affected in anyway by my BK?

If so, please explain why.

Thanks.

[familyof7]

dont repo until you already have new car. I would honestly wait til you file and surrender it in bk. The co signer will be noified of the bankruptcy. As long as you reaffirm the loan you would still be responsiable just as you are now.

[lrprn]

Will the co-signer be affected in anyway by my BK?

If you file first then buy the new car, your co-signer will not be affected in any way. You filed bk, not your co-signer.

If you buy the new car then file, as long as you reaffirm the loan AND keep making on-time payments after you file, again your co-signer will not immediately be affected in any way - you filed bk, not your co-signer.

However, in both situations you don't make the car payments on time or skip payments, then the lender is going to come after your co-signer to pay for the car. Also the late/missed payments will hurt their credit score. This has nothing to do with your bk....just a risk for all co-signers when they sign in good faith that someone else will make all payments on time as promised.