Legal Question in Credit and Debt Law in Michigan

Bank Loan

I got a loan for a car at a bank. After a divorce and loss of my job i was unable to keep up with my loan payments and the car was repossessed. If they have the car in their possession then why do they still come after you for the money? My ex-spouse co-signed for the car and they are going after him also. I am thinking of filing bankruptcy now and if i get out from the debt of the car will my ex be free also or will they still go after him and then he in return come after me?


Asked on 5/05/02, 3:29 pm

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: Bank Loan

The car financier will have to sell the car and then come after you and your ex for the remainaing balance, PLUS towing, storage($31 @day), insurance, auction prep, commisision , and collection fees, and inevitably attorney fees, usualy amounts to about half or better of what you owed on the car when you turned it back in, AND if you file Bankruptcy they can still go after your ex, which is a problematic in a chapter 7 , better seek a lawyer

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Answered on 5/05/02, 9:38 pm


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