need help, cosigner stuck with payment?

[silturbo]

currently there is about 40k(35k if paid at once) that is cosigned with me and my father.

if i stop payments (which is 800 a month) my father's credit will be gravely affected correct?

i am so mad i dragged my father in with this

the only way to get out of that 40k debt (bank of newyork loan) is if my father files for bankruptcy too?

thanks again, road to recovery

[FoolAndHisMoney]

currently there is about 40k(35k if paid at once) that is cosigned with me and my father.

if i stop payments (which is 800 a month) my father's credit will be gravely affected correct?

i am so mad i dragged my father in with this

the only way to get out of that 40k debt (bank of newyork loan) is if my father files for bankruptcy too?

thanks again, road to recovery

Yes your father's credit will be negatively affected only if he doesn't pay the 800 per month. You never said what this loan was for. Is it a car loan or any other secured loan where you can liquidate the collateral? Is it a student loan? If your father doesn't want to or can't pay then he has to file too.

[hansky]

If you are filing, one obvious option is to reaffirm this debt and continue making payments.

[silturbo]

it's a personal loan that i took out less than 2 years ago. thanks for the help guys.

Yes your father's credit will be negatively affected only if he doesn't pay the 800 per month. You never said what this loan was for. Is it a car loan or any other secured loan where you can liquidate the collateral? Is it a student loan? If your father doesn't want to or can't pay then he has to file too.

[Spartan]

It isn't just his credit that is going to get hit. They will go after his assets and income. He is on the hook. That is what co-signing means.

Either he pays or you have to reaffirm. Or he files too.

[spongenotbob]

currently there is about 40k(35k if paid at once) that is cosigned with me and my father.

if i stop payments (which is 800 a month) my father's credit will be gravely affected correct?

i am so mad i dragged my father in with this

the only way to get out of that 40k debt (bank of newyork loan) is if my father files for bankruptcy too?

thanks again, road to recovery

You could try to refinance it in your name alone, but that restarts all sorts of clocks so you will have to wait a LONG time to revisit BK. And it may not pass the smell test (i.e. fraud). Talk to a lawyer.

Best of luck,
spongenotbob