Legal Question in Bankruptcy in Indiana

bankruptcy

I am in a position where I am going to have to file bankruptcy. I am worried about how it will affect my son. I co-signed a loan for him and was wondering if he will lose his car over this?


Asked on 3/05/03, 9:24 am

1 Answer from Attorneys
Eric Southward Southward & Haggard

Re: bankruptcy

As a co-signer, you are jointly responsible for paying the car loan. If you file bankruptcy, you will discharge or surrender your obligation to pay on this loan. How it affects your son depends on your son. If he has the vehicle and pays for it, then your bankruptcy should not affect him at all. As long as someone is paying the note, then the finance company is satisfied. You will be releasing your obligation to pay on it should he ever default on the loan in the future. If you file bankruptcy, make sure that you and your attorney discuss this situation and its impact. We would be glad to assist you or answer any further questions at (317) 916-2300, toll-free (888)403-3328.

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Answered on 3/05/03, 10:06 am


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