Legal Question in Credit and Debt Law in Ohio

May not be able to keep up car payments

I had a good job when I took out a 6yr auto loan and co-signed an auto-lease for my daughter. But due to health problems I lost my job. I can barely pay my own payments, let alone my daughters'. Soon I may not be able to pay at all. This is the only real debt I have, and I have no assets. Do I have options?? I tried working through the dealer and bank...it was not helpful. Both vehicles are ''upside down'' in value.

My daughter has been negligent in keeping up her payments and my credit rating is marred.


Asked on 11/17/01, 3:36 pm

1 Answer from Attorneys
Frank Rozanc Frank J. Rozanc, Esq.

Re: May not be able to keep up car payments

It sounds like you might consider bankruptcy. A filing may get the lender or car lessor to come to the table and give you some better terms. Your daughter needs to understand if she doesn't pay, she will LOSE the vehicle.

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Answered on 11/18/01, 12:29 pm


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