Does it hurt them any less if I refinance the car in my name before they do it? That way they don't have to list it?
2007-10-21 13:59:01 · 5 answers · asked by . 2 in Business & Finance ➔ Personal Finance
The co-signer filing bankruptcy has NO EFFECT at all on your car loan or your credit. One less loan has little if any impact on the person filing bankruptcy.
2007-10-21 14:48:11 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
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RE If the person who co-signed for my car files bankruptcy...?
Does it hurt them any less if I refinance the car in my name before they do it? That way they don't have to list it?
2014-10-06 19:04:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
While it's a good idea to avoid the appearance of bankruptcy fraud, I think it's very important that you refinance the car in your own name ASAP if at all possible. The danger here is that your co-signer will probably have to include the vehicle in their bankruptcy.
Since they're co-signed on the loan, it's hard to prove the vehicle is their principal transportation. You can only avoid holding a car out of bankruptcy if it's your daily transportation.
If your loan is included in someone else's bankruptcy, it's going to be reported as a charge-off or default to all the credit bureaus. Your credit report will also show the loan as a charge-off or default, and your credit will suffer.
My suggestion is to get that other person off your loan as soon as you can if at all possible -- don't let them hurt your credit by including your car in their bankruptcy.
2007-10-23 07:18:26 · answer #3 · answered by steelers12661 2 · 0⤊ 0⤋
It doesn't really impact them either way if you refinance. You are on the hook either way. It's more problematic if you filed on your co-signor since they were hoping you'd pa y the whole thing. Plus if your co-signor is on the title (which is common), it is best not to do any transferring of debt or title until the bankruptcy is over to avoid any appearance of bankruptcy fraud. Just keep paying your car loan. There will be no need to refinance, because your co-signer will no longer be liable for the loan after the bankruptcy. But if they are on the title you want them to sign off on the title once you get it back from the lender.
2007-10-21 14:04:24 · answer #4 · answered by Lesley 5 · 1⤊ 0⤋
see a solicitor
2007-10-25 13:47:02 · answer #5 · answered by la$t drinx$ 3 · 0⤊ 0⤋