Q: Volunteer Surrender on co-signed car loan post-bankruptcy Ch7?
My mom was my co-signer for a car loan since then I have filed for bankruptcy and I am thinking of doing a voluntary surrender on the auto but I am scared it will affect her credit as well. I checked my credit and hers and there is something that got me off guard. On my account it states that the loan responsibility "individual" and on hers it shows "terminated". For example:
-Mine
Account Details
Account status: Closed
Type: Automobile
Responsibility: Individual
Remarks: Chapter 7 bankruptcy
Times 30/60/90 days late 0/0/0
Closed: Apr 30, 2017
-My mothers
Account Details
Account status: Closed
Type: Automobile
Responsibility: Terminated
Remarks: Closed
Times 30/60/90 days late 0/0/0
Closed: Jun 30, 2017
With this information would i be safe to think that it will no longer harm her credit if I decide to surrender?
A:
Your bankruptcy discharge will no protect your mother. If the loan documents specify that she is liable if you do not pay, then the crediter will most likely be able to pursue her if it chooses to do so.
Regards,
Bill Cope
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
