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Co-signer Of Automobile Mortgage Put It Under Their Bankruptcy And We Let It Get Repo'd

Discuss the legalities of Bankruptcy Law

Co-signer Of Automobile Mortgage Put It Under Their Bankruptcy And We Let It Get Repo'd

Postby Odran » Wed Mar 26, 2014 11:26 am

What are the results when the co signer on our automobile loan experienced a chapter 7 bankruptcy and place our loan under it aswell? And along with that, we allow the automobile get reposessed afterwards. May we still owe about the vehicle, or will it be viewed protected under the co-signers bankruptcy?
Odran
 
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Co-signer Of Vehicle Loan Placed It Under Their Bankruptcy And We Let It Get Repo'd

Postby Sigfrid » Wed Mar 26, 2014 6:22 pm

Co-signer or no co-signer you did not file bk therefore you are still responsible.
The other party's Chapter 7 bk does not protect you.

Des.
Sigfrid
 
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Co-signer Of Vehicle Loan Placed It Under Their Bankruptcy And We Let It Get Repo'd

Postby Sammy » Thu Mar 27, 2014 4:36 am

The cosigner's bankruptcy effectively crosses their name off the loan.
If you're on the title, you still own the car and you are still responsible for the payments on the loan if you don't want it reposessed.
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Co-signer Of Vehicle Loan Placed It Under Their Bankruptcy And We Let It Get Repo'd

Postby Evarado » Mon Mar 31, 2014 9:03 am

How fascinating to listen to this over and over that people is likely to be accountable for it nevertheless. The co signer was my partners parents who got legal counsel from their attorney throughout the bankruptcy to inform us the vehicle could be protected and we wouldnt need certainly to be worried about it. Personally I think upset that people followed through and allow the vehicle go, thinking foolishly your debt would magically dissapear. The vehicle visited market, and we havent noticed if it sold or not. We're preparing emotionally for what-ever debt is likely to be remaining to cover, by obtaining just as much info as you possibly can...
I appreciate your answers, they reaffirm the truth that I regarded as true.
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Co-signer Of Vehicle Loan Placed It Under Their Bankruptcy And We Let It Get Repo'd

Postby Colvill » Mon Mar 31, 2014 11:23 am

Estimating teamclaflin8087

The co-signer was my husbands parents who got legal advice from their attorney during the bankruptcy to inform us that the truck would be covered and we wouldnt have to worry about it.



Were your in laws initially likely to file a Chapter 13 reorganization? If that's the case, they might have secured you by giving for full cost of the automobile underneath the Strategy hence invoking the co-consumer safety provision of Section 1301 of the bk signal. They might have originally began considering a-13 and consequently, the remark by their lawyer might have been suitable. Once, however, the automobile was surrendered to the lending company and they did a 7 you had been, sadly, left to the lift.
Des.
Colvill
 
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