Legal Question in Bankruptcy in New Jersey
Bankruptcy and Joint Accounts
My mother has a leased car and she will be declaring Chapter 7. I am involved in a joint account with her for this lease. I have no problems picking up the terms of the lease. Will I be able to legally assume the payments and will my credit rating be adversely affected by her bankruptcy?
Asked on 1/03/00, 7:31 pm
1 Answer from Attorneys
Robert Gleaner
Robert A. Gleaner, P.C.
Re: Bankruptcy and Joint Accounts
If you contact the bank immediately and pick up the payments, and assuming all payments are timely made, there should be no adverse ramification on your credit report. To be sure, get a copy of your present credit report and then get another after the lease obligation is complete. If any adverse indication is made, you can get the credit reporting agency to make the correction. Good luck!
Answered on 1/04/00, 2:40 pm
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