Legal Question in Credit and Debt Law in Connecticut

We had a corporation for a restaurant, which is now closed. There is a car in the LLC's name, with me listed as co-buyer. Can I do a voluntary surrender without my credit being effected? Thank you.


Asked on 3/28/11, 11:21 am

1 Answer from Attorneys
Christopher Hite Rosenberg, Whewell & Hite, LLC

Generally speaking, a voluntary surrender coupled with a breach of and default on a loan agreement will be treated the same for credit purposes as a repossession. It will surely have a negative effect on your credit.

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Answered on 4/11/11, 3:44 pm


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