Legal Question in Bankruptcy in Arizona
I am a co-signer on my mothes auto loan. However, I have been making the payments from day one. I want to file bankruptcy and include this auto loan in my bankruptcy. I am able to do this? If so how will this then show on my mothers credit?
Asked on 10/18/10, 9:27 pm
1 Answer from Attorneys
Cindy Greene
Carmichael & Powell, P.C.
You may include the auto loan in your Chapter 7 bankrutpcy and surrender the auto. Your mother could be sued for the deficiency amount after the auto is sold at auction. The deficiency amount is the difference between what was owed at the time of filing versus what it was sold for at auction.
Answered on 11/01/10, 10:01 am
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