Legal Question in Bankruptcy in Illinois

Can I file bankruptcy on an automobile I co-signed. The owner has not paid the monthly payments for over a year, and the car has not been repossesed. How much liability will I incurr on this vehicle?


Asked on 9/26/09, 7:20 pm

1 Answer from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Your liability will be the amount of the outstanding balance on the loan, plus expenses of the lender in obtaining the vehicle and selling it, less the amount derived from the sale (the deficiency balance). One does not file on one item of personal property. You file on everything and include this obligation.

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Answered on 10/02/09, 5:17 pm


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