Albuquerque, NM asked in Bankruptcy for New Mexico

Q: My father is a cosigner on my car. If I file chapter 7 will it effect him? I want to keep the car. Payments are current.

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2 Lawyer Answers
Arun Arjan Melwani
Arun Arjan Melwani
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Albuquerque, NM
  • Licensed in New Mexico

A: If you plan to keep the car and continue making payments, then your father will not be affected by you filing bankruptcy. However, if you fail to make the payments and they eventually repossess the vehicle then that will negatively impact him since he is equally liable for the debt you have incurred.

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: It will not affect him so long as you keep the car and keep maki g all the payments.

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