Expert: David - 4/1/2009

Question
My significant other took off in 2005 leaving me very much in debt, he also took the 2001 pickup that I had co-signed for. I received a call from the bankruptcy dept. of the bank that holds the title, looking for payments he missed Jan, Feb but made March's. Come to find out he filed bankruptcy in 2006 ,he signed an affirmation for the truck. I was never notified of the bankruptcy. I have no idea where he is the bank wants me to find him and get the truck back. Why would they ask me to do it?
Should I have been notified when he filed? What is my responsibility to the bank and has my credit been ruined without me even knowing? What can I do to protect my credit?

Answer
Hi Joyce,

You would only be notified if you were a creditor to him.  You were and are effected on any joint accounts.  The bank can't make you find him but they can hold you responsible for any losses they take on the loan.  This is an inherent risk with co-signing.  I recommend you start by obtaining your credit reports to assess what damage has been done. go to www.annualcreditreport.com to get your free annual reports.  This won't give you a score but you'll see what the trade line for the car loan looks like.

Let me know if there is any other info I can help with.