Cosigner declaring bankruptcy
14 months ago my dad cosigned a loan so I could get a car. I have been making the payments (all on time) and will continue to do so until it is paid off. He called me today and told me that in the next month or so that he is planning on declaring bankruptcy.
1. Since we are on the loan together and I am not declaring bankruptcy, won't that mean that the loan just becomes my responsibility alone?
2. I obviously still plan on making the payments on time; as long as they are being paid they can't repo the car, right?
1 Answer from Attorneys
Re: Cosigner declaring bankruptcy
His BK could end up appearing on your credit report; but that would be improper and you will dispute it.
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