Legal Question in Bankruptcy in Arizona
I am a cosigner in a personal loan and we have a car as collateral she wants to turn in the car because she cannot pay any longer, If they sell the car for less than what the loan is for will I be held responsible being that the original loan holder is filing bankruptcy? And can they garnish my paycheck?
Asked on 4/23/12, 9:08 am
2 Answers from Attorneys
Scott Hyder
Law Office of Scott W. Hyder, PLC
Yes, you will alwyays be liable for the loan, even if the co-debtor files bankruptcy. And your wages can be garnished once the lender gets a judgement.
Answered on 4/23/12, 9:30 am
Charles Andersen
Charles Andersen, Atty
El Cajon Bankruptcy Lawyer You do have a legal liability as a co-signor.
Answered on 4/23/12, 2:53 pm
Related Questions & Answers
-
If my vehicle is repossessed, and I file Chapter 13 within 10 days of that... Asked 3/22/12, 10:17 am in United States Arizona Bankruptcy Law
-
If I am in a chapter 13 and would like to change it to a chapter 7, what do i need... Asked 1/11/12, 11:53 am in United States Arizona Bankruptcy Law
-
Filing individual chapter 7 bankruptcy due to debt from a prev marriage. Currently... Asked 12/07/11, 1:29 am in United States Arizona Bankruptcy Law
-
Can your home equity loan be included in chapter 13 Asked 10/15/11, 5:24 pm in United States Arizona Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
