Legal Question in Bankruptcy in Nevada

Im the co-signer on a vehicle with my grandmother Im filing for bankruptcy but she would like to keep the vehicle, do I have to file a re-affirmation agreement with the bankruptcy court or will she just be liable for the account? Keep in mind shes the buyer and Im the co-signer.

Thank you


Asked on 6/12/10, 2:44 pm

1 Answer from Attorneys
Dorothy Bunce

It would depend on who the lender is. Some lenders, such as Ford & GMAC consider a Bankruptcy by anyone on the contract to be a breach of the contract and require a reaffirmation for the buyer to keep the vehicle. Others don't care as long as the payments are current - however, if payment is even 1 day late, they may repo.

I am assuming that you are asking this question because you either don't have an attorney or your attorney isn't responding to your questions. This is why I say that it can be such a big mistake to represent yourself or hire a cheap attorney that will not provide all the services you need.

Good luck!

Read more
Answered on 6/14/10, 8:51 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Nevada