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What will happen to me?

Posted on: 25th Jan, 2012 02:07 am
there's an auto loan in my name and i also have a co-borrower on that loan. my co-borrower is filing chapter 7 bankruptcy. he included the loan to his bankruptcy. what will happen to me?
Hi Tess,

Your co-borrower will get a discharge from the bankruptcy filing. You will become fully liable for paying off the car loan in full.

Take care
Posted on: 25th Jan, 2012 02:28 am
currently you are liable for all amount that is due on both of you.if within three years your partner get a better position than you can recover your money from him otherwise after three years he will be discharge permanently.
Posted on: 25th Jan, 2012 07:02 am
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