Legal Question in Bankruptcy in California
Auto Repossesion
My boyfriend (buyer)& I (co-signer) are being sued for a remaining debt owed to a car that was repossessed. I am unemployed and have 1 child. Can I file for bancruptcy even thougH I'm just the co-signer. and are autos dischargeable?
3 Answers from Attorneys
Re: Auto Repossesion
a claim for a deficiency amount against a debtor whose vehicle has been repossessed or surrendered is dischargeable in a chapter 7 bankruptcy. co-signers are jointly and severably liable but their debt can be discharged as well.
Re: Auto Repossesion
A deficiency amount owed on a repossessed vehicle is dischargeable unless they have obtained a judgment and secured it by a lien against specific property.
Re: Auto Repossesion
Since you are a co-signer for the loan, you are responsible for the deficiency which is dischargable through a chapter 7 bankruptcy.
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