Your son's filing should not affect you as long as the loan you co-signed for is paid and kept current.

Answer Applies to: California
Replied: 11/29/2011

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If you are a co-signer on a loan and the primary borrower files bankruptcy you are obligated to pay the debt according to payment terms.

Answer Applies to: California
Replied: 11/29/2011

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You are liable for the loan since you co-signed. You would have to pay it to keep your score intact.

Answer Applies to: California
Replied: 11/29/2011

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His filing won't affect your credit. If he decides that he doesn't want the car anymore, then you will be solely liable for the debt. If he states that he does want the car then the both of you will continue to be liable for the debt.

Answer Applies to: California
Replied: 11/29/2011

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You are already affected. The debt will remain your debt by virtue of your co-signature unless you file your own bankruptcy or pay the debt.

Answer Applies to: Michigan
Replied: 11/29/2011

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You can't regarding that debt. He can file and have his liability removed, but you will still be liable. I would suggest if he is keeping car, that he continue to pay on it and if he isn't you need to take possession and either redeem it, or sell it and pay off loan.

Answer Applies to: Utah
Replied: 11/29/2011

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As a co signor, you are just as liable for his default in payment. If he surrenders the car in bankruptcy or if it is repossessed, then the bank will also come after you for the deficiency unless you too filed for bankruptcy.

Answer Applies to: New York
Replied: 11/29/2011

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Your score doesn't suffer because of his bankruptcy. However, your score will continue to suffer if your son does not make timely payments every month.

Answer Applies to: Colorado
Replied: 11/29/2011

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If he files for bankruptcy, he is still allowed to keep an auto if he continues to pay for it. He can also choose to surrender the vehicle to the creditor. Either way that he goes your credit will take a hit. If he keeps it, it will show up on your credit report as something like "co-borrower filed bankruptcy". If he surrenders the car to the creditor, they will take it back and sell it, you will be responsible for any deficiency and the debt becomes yours. It would show up as a repossession on your credit with a deficiency balance due. At this point in time, I don't think there is any way to protect yourself from this other than you taking over the payments.

Answer Applies to: Texas
Replied: 11/29/2011

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If he is going to keep paying for the car it should not affect you.

Answer Applies to: Florida
Replied: 11/29/2011

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There is nothing you can do. As you have seen, your score suffers a little by his default, and the same will happen with his filing.

Answer Applies to: New York
Replied: 11/29/2011

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Technically, since you are a signer (an obligor) on the financed car, the company can come after you for the full amount. You son's Bankruptcy would only drop him from the obligation. You need to speak to an attorney prior to his filing.

Answer Applies to: New York
Replied: 11/29/2011

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No, your son's bankruptcy will not have any direct affect on you. You are not considered a bankruptcy debtor by virtue of the filing of the case by your con. However, it may have an indirect effect. The creditor may attempt to collect the debt from you when it determines that it will not be able to collect from your son because of the bankruptcy filing.

Answer Applies to: Texas
Replied: 11/28/2011

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If his intention is to default on the loand and seek discharge of it through bankruptcy you will be liable for the remainder. The loan company has the right to sue you for the balance, and most likely will win. You can't really protect yourself unless you're judgment proof or want to file for bakruptcy as well. Sorry.

Answer Applies to: Florida
Replied: 11/28/2011

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The fact he files bankruptcy cannot be reflected on your credit. It can affect you if the payments are not made or the vehicle is repossessed, as those can be reported on your account as a borrower. He will need to reaffirm the debt in the bankruptcy case and makes the remainder payments on time.

Answer Applies to: California
Replied: 11/28/2011

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You do not need protection if the payments are made. If he does not pay then you will be left holding the bag and will owe the money. Your credit is only affected if payments are not made or made late. His bankruptcy case does not affect your credit score. It is the missed or late payments that will affect your credit score and if the vehicle gets repossessed then you will owe the difference between the balance of the loan and the amount the bank gets when it sells the car at an auction plus costs.

Answer Applies to: California
Replied: 11/28/2011

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You can't. You are responsible to pay the loan if he doesn't. However, if your son files for Chapter 13 and proposes to pay off the loan in full during the Chapter 13 then you will be protected from the creditor.

Answer Applies to: Michigan
Replied: 11/28/2011

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Your son's bankruptcy does not affect your credit. If he stops paying for the loan, you will still be responsible for it and he will not because he will receive the benefit of the bankruptcy discharge.

Answer Applies to: Indiana
Replied: 11/28/2011

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If your son does not pay the vehicle debt and returns the car, it will go on your credit report and you will be responsible for any deficiency.

Answer Applies to: Florida
Replied: 11/28/2011

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Basically you can't. If you co-sign on a loan you are liable when your son doesn't pay. If he lets the car get repossessed and owes the lender money, he can bankrupt on it and you will still be liable on the unpaid balance. No one should co-sign unless they are ready to make the payments for the loan.

Answer Applies to: California
Replied: 11/28/2011

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When you are a co-obligor or guarantor on a debt, you are responsible to pay whatever your co-debtor fails to do jso. As long as someone pays your credit remains strong. So even if your son fails to pay this debt or discharges the debt in a bankruptcy, as long as you continue to pay there would be there no negative effect on your credit. As for how to get out of the obligation to pay, there are only two ways: (1) the creditor must agree to release you of your legal liability; or (2) you must extinguish your liability via a bankruptcy discharge. I hope this information was helpful.

Answer Applies to: Illinois
Replied: 11/28/2011

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If he intends on reaffirming on the loan, and can afford the monthly payments, you shouldn't have any reason to worry. Otherwise, he could decide to file Chapter 13, which will protect co-signers.

Answer Applies to: Illinois
Replied: 11/28/2011

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You can't. When you cosign, you have entered into a contract that you will pay, and you were asked to cosign because the bank was very sure your son could not pay. You have learned an expensive lesson (which is NEVER cosign a loan unless you plan to pay it), as you will have to pay the debt (unless you also go bankrupt).

Answer Applies to: Georgia
Replied: 11/28/2011

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