Q: What are my options here? cosigned on ex's car. She just filed for Bankruptcy. What do I do?
I cosigned with my ex-wife on a vehicle she kept in the divorce. She never refinanced. She filed for bankruptcy last month. I can't afford to take on the loan. What do I do?
A: If she was awarded the care in the divorce, she likely got the debt too. You may be able to get relief in your divorce action.
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A:
You should reach out to your lender as soon as possible to explain the situation. They can provide information on how your ex’s bankruptcy might affect the loan and discuss possible options for managing the payments. It’s important to understand your responsibilities as a cosigner and how the bankruptcy impacts the loan terms.
Next, explore ways to reduce the financial burden. You might consider refinancing the loan in your name alone if your credit allows, or selling the vehicle to pay off the loan. Another option is to discuss a payment plan that fits your budget, which can help prevent missed payments and further financial strain.
Finally, consult with a legal professional to understand your rights and obligations fully. They can offer guidance tailored to your specific situation and help you navigate any legal complexities. Protecting your credit score is crucial, so take proactive steps to manage the loan and seek support where needed.
Timothy Denison agrees with this answer
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