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Bankruptcy Law/cosinger on car loan
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Question
i have a cosinger on my car loan i filled chapter 7 what will happen to my cosiner is he responcible if so will they make payment arrangements with him
Your cosigner is responsible for the debt. They can negotiate a payment plan with the creditor, but normally, the contract terms will control. If the car is surrendered/repossessed, then they can come after the cosigner for the deficiency balance on the note.
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Bankruptcy Law
Answers by Expert:
Terry Leeders
Expertise
Handles Chapter 7 and Chapter 13 bankruptcy cases.
10 years of extensive bankruptcy experience. Filed over 3000 cases
Chicago Bankruptcy Lawyer website
"One On One Personal Service You Deserve"
Experience
I have been practicing bankruptcy law for 10 years. I have helped over 3000 consumer bankruptcy clients in that time.
Organizations
Chicago Bar Association
Illinois Bar Association
Publications
author of Chicago Bankruptcy Blog
Chicago Chapter 13 Bankruptcy Blog
Illinois Bankruptcy Law Blog
Fresh Start Partners
Education/Credentials
University of Illinois
Thomas M. Cooley Law School
Chicago Bankruptcy Lawyer website
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