too late for bankruptcy?

Question

my wife's car was recently repossessed, she just recieved a summons to appear in court in june, is it too late to file bankruptcy on it?

also her ex boyfriend who cosigned for it also recieved a summons, is their anything legally that he can do to come after us?

Answer 1

They will make both of them pay for the car but she can file bankruptcy and include the car as part of the bankruptcy. The trustee will tell her how much to pay on all of her bills. She will then send the payment to the trustee and they will distribute the payment amongst all of her creditors. Good luck.

Answer 2

You can file bankruptcy at any time on all of your past debts. Did she receive a summons because the financing company is suing her for the deficiency? You can't file bankruptcy on a specific debt, all debts within a class (secured, unsecured) are treated the same way.

As far as liability goes, they are both 100% liable for the full repayment of the bill. The financing company can pursue whoever they like at their discretion.

Perhaps you should contact the creditor and make a payment arrangement for a release of your wife's portion of the debt (called a single party release).