Legal Question in Bankruptcy in Texas

repossession and bankruptcy

In Sept.2002 a friend had a car repossessed. I had co-signed on the loan, so now there is an involuntary repossession on my credit report. I have tried to negotiate with the collection agency to reach a settlement, but they are not being very cooperative.

If I was to file Ch. 7 bankruptcy now, could I include the car loan on the bankruptcy, and have the repossession removed from my credit? Thanks for any suggestions.


Asked on 1/07/03, 11:35 pm

2 Answers from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: repossession and bankruptcy

You credit report would remain the same, except that it would show your filing bankruptcy. You would be discharged from the obligation to pay the balance due on the car note. Larry Maun 713.266.2560

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Answered on 1/08/03, 10:05 am
Andrew Nichols Law Office of Andrew B. Nichols

Re: repossession and bankruptcy

You can discharge (fancy word in bankruptcy which means eliminate) the debt from the involuntaty repo by filing for relief in chapter 7 or chapter 13. This would stop any collection companies from pursuing you over this debt. ph. (800) 303-0720

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Answered on 1/08/03, 11:29 am


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