Legal Question in Bankruptcy in Texas
I am about to file for bankrupcy and I co-signed for someone's vehicle 3 years ago. That vehicle is current. How will my bankrupcy affect that person's credit? Will their vehicle be repossed?
Asked on 5/04/10, 9:39 am
1 Answer from Attorneys
Mark Dunn
Mark D. Dunn
The bank has a loan for which two people are legally responsible.
I assume that the payments are current.
The bankruptcy will discharge the liability of ONE of the two people.
As long as the OTHER person continues making the payments, the bank will do nothing. They are NOT in the used car business. They are in the business of loaning out money and getting paid back with interest.
Answered on 5/09/10, 11:10 am
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