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Posted On: April 14, 2010 by Scott Sagaria

A Sacramento Mom Co-Signs on her Daughter's Car, then Files Bankruptcy

A Sacramento bankruptcy attorney answers a bankruptcy liability question...

I was recently asked by a potential client in my Sacramento bankruptcy law practice, the following: "I was recently laid off from my job and need to file for bankruptcy. I have a significant amount of credit card debt that I am really seeking from relief from. The only reason I might not file for bankruptcy is because I am the co-signor on my daugher’s vehicle. Can I still file for bankruptcy without messing her credit up?"

Yes, you will be able to still file for bankruptcy without messing your daughter’s credit up. What will happen in your bankruptcy petition is the debt will be discharged against you. But as long as your daughter continues to make her car payments, they will not take the car away from her. In the event your daughter can no longer make the payments and she has the car re-possessed, since you filed for bankruptcy on this debt, you will not be liable and the lender will not be able to sue you.

The other option is for you to re-affirm the debt, however you should consult with your attorney prior to entering into any reaffirmation agreements.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: California , Chapter 11 Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Consumers in Debt

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