What effect will a BK have on a co-owner of a car with perfect credit? Car is worth more than what is owed and we plan to keep it through exemptions, reaffirmation, etc. Attorney said that it will have no effect on their credit but from what I am reading here just the BK paperwork that gets mailed to the title holding bank generates bad stuff for all the debtors.
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IMHO, re-affirmation shouldn't hurt their credit much. Surrender would. Art -
Thanks. One question solved. Many to go. Not much of a balance left to pay off on the car but not enough exemptions for 1/2 of the equity to protect the car if I were to pay it off completely.Comment
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It may be reported on their credit report as included in bankruptcy.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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