Arizona  |  Bankruptcy

Legal Question

Asked on: 4/23/12, 9:08 am

I am a cosigner in a personal loan and we have a car as collateral she wants to turn in the car because she cannot pay any longer, If they sell the car for less than what the loan is for will I be held responsible being that the original loan holder is filing bankruptcy? And can they garnish my paycheck?

2 Answers


Answered on: 4/23/12, 9:30 am by Scott Hyder

Yes, you will alwyays be liable for the loan, even if the co-debtor files bankruptcy. And your wages can be garnished once the lender gets a judgement.


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Law Office of Scott W. Hyder, PLC 3420 East Shea Blvd., Ste. 200 Phoenix, AZ 85028

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Answered on: 4/23/12, 2:53 pm by Charles Andersen

El Cajon Bankruptcy Lawyer You do have a legal liability as a co-signor.


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Charles Andersen, Atty 1761 Hotel Circle S. Suite 270 San Diego, CA 9208

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