cosigner on loans?

[amytromp]

we filed chapter 7 and have loans for motorcycles and cars that my husband was only the cosigner on. my lawyer asked for the statement and the balance on the motorcycle loan, why would he need this if my husband was only the cosigner? the statements dont come to are house so we dont even know the balance. i cant go to the people he cosigned for and ask for the statements.maybe my lawyer is confused. do they really need the statement if my husband was the cosigner and statements not in his name?

[despritfreya]

You must list all creditors. Consigning means your husband is just as responsible for the loan as the other party. It is his debt and it needs to be listed in his bk. Further, my guess is that he is also on the title to the vehicles. That makes the vehicles assets of the bk estate. The Trustee will most likely not care about them as your husband is not the "true" owner but they are assets nonetheless. Get as much information as you can to the attorney so that he can amend what are clearly incomplete Schedules.

Des.

[debee]

The balance info should also appear on your husband's credit report.

[discouraged]

I was the co-signer on my son's motorcycle and even though we paid it off, we didn't change the title (long story) so I was still considered the 'co-owner' of the motorcycle. Mine was a no-asset case and we included it in the exemptions but I have still advised my son he has to be prepared until I am discharged that this could be taken. Not very likely, but it could happen.