Legal Question in Bankruptcy in Illinois

Disassociation from Bankruptcy

The adult parents are the co-signers on the purchase of thier son's new car. The son is paying his car payment each month perfectly for the first two years of a five year payment schedule. The parents file for bankruptcy. Is there a way for the son to disolve his financial association with the bankrupt parents. Will the son's credit be affected due to his partnership with his parents.


Asked on 4/01/03, 10:25 pm

1 Answer from Attorneys
Thaddeus Hunt Law Offices of Thaddeus Hunt

Re: Disassociation from Bankruptcy

The bankruptcy will dissolve the relationship so far as the car is concerned. By filing for bankruptcy the parents will most likely be discharged of their responsibility for the car. Their son will remain liable. The parents financial problems should not adversely affect the son's credit.

Disclosure: The information herein is for informational purposes only and should not be construed as legal advice. Nothing herein should be construed as creating an attorney-client relationship.

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Answered on 4/01/03, 10:29 pm


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