Legal Question in Consumer Law in Texas
Cosigner on auto loan
My son-in-law, because of past credit issues, needs a cosigner for the purchase of a car. I was asked to be a cosigner, but I have a bankruptcy, chapter 7, on my credit history. The bankruptcy is 2 years old. Would I qualify as a cosigner?
Asked on 3/22/07, 5:29 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Cosigner on auto loan
You should qualify as a cosigner, since all your debts were discharged in the Chapter 7. But if you do cosign, be prepared to pay the note on your son-in-law's car if he defaults. You won't have legal rights to the car, even if you're paying for it.
Answered on 3/22/07, 6:16 pm
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