Legal Question in Bankruptcy in California
Cosigner declaring bankruptcy
14 months ago my dad cosigned a loan so I could get a car. I have been making the payments (all on time) and will continue to do so until it is paid off. He called me today and told me that in the next month or so that he is planning on declaring bankruptcy.
1. Since we are on the loan together and I am not declaring bankruptcy, won't that mean that the loan just becomes my responsibility alone?
2. I obviously still plan on making the payments on time; as long as they are being paid they can't repo the car, right?
Asked on 1/25/08, 9:15 pm
1 Answer from Attorneys
Brian Whitaker
Lifeline Legal, LLP
Re: Cosigner declaring bankruptcy
Right.
His BK could end up appearing on your credit report; but that would be improper and you will dispute it.
Answered on 1/26/08, 2:40 am
Related Questions & Answers
-
Bankruptcy Is it possible to have a bankruptcy expunged off your credit record? Asked 1/23/08, 3:54 pm in United States California 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.
