Posted on: 18th Mar, 2008 06:13 pm
Myself and my wife cosigned for our son to lease a car. He is going Ch 7 but is going to continue to pay on the lease and is not late. Will anything show up on my credit report stating that the loan is in Ch 7 even if he is not late or does not miss a payment? He does not want his mother to know and she looks over our credit report every month? Thanks, Sean
Hi Sean,
Welcome to the forum.
Why is your son going to file ch 7. It will have a huge negative effect on his credit report and drop almost 250 points and also will be shown for 7 years on his credit report. Filing bk should be the last option to choose. So I shall suggest if possible avoid filing BK.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
Why is your son going to file ch 7. It will have a huge negative effect on his credit report and drop almost 250 points and also will be shown for 7 years on his credit report. Filing bk should be the last option to choose. So I shall suggest if possible avoid filing BK.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Hi Sean,
Is the loan included in Chapter 7? Even if it not, the chapter 7 will be reflected on your son's credit report. But why does he wish to file bankruptcy? Please give us some more details of his situation. Perhaps we can suggest an alternative and keep his credit unaffected. :)
Good luck
Is the loan included in Chapter 7? Even if it not, the chapter 7 will be reflected on your son's credit report. But why does he wish to file bankruptcy? Please give us some more details of his situation. Perhaps we can suggest an alternative and keep his credit unaffected. :)
Good luck
If you both co-signed, it is her right to know if anything will jeopardize the monthly payments. Trust me -- you don't want to hide this.
You need to determine if the automobile debt is to be included in the Chapter 7 filing -- it doesn't sound like it will, but you are trusting your son for the information.
Normally, steady and prompt payment on the installment debt is all your report should reflect -- any liens or judgements against your son would not, since the only tie is the co-signed debt. I would think this also applies to a bankruptcy filing -- unless, the debt is included in the filing!
You need to determine if the automobile debt is to be included in the Chapter 7 filing -- it doesn't sound like it will, but you are trusting your son for the information.
Normally, steady and prompt payment on the installment debt is all your report should reflect -- any liens or judgements against your son would not, since the only tie is the co-signed debt. I would think this also applies to a bankruptcy filing -- unless, the debt is included in the filing!
Also, after checking, a Chapter 7 liquidates his holdings -- I don't know how he can keep the lease.
A Chapter 13 would allow this.
A Chapter 13 would allow this.
medical bills are more than we can pay. He charged around 100,000 worth of bills during a 10 year period and we cannot pay. Sad thing is he has a 700 credit score but we are out of credit cards and loans to keep paying. Any suggestions. Any good dept management companies you know of? They said as long as he keeps paying and reaffirms on the lease everything is ok? It should not say anything on either credit report? Thanks, Sean
Hi Sean,
Debt managment can be a good solution to your problem. With the help of such a program, you will be able to pay off your medical bills. The best thing about it is, it doesn't affect your credit score negatively. However, it may be reported that you are paying off the bills through the help of a dmp.
I know about a debt community - debtconsolidationcare.com which helps people get out of debts through debt consolidation, debt management and other plans. You can talk to the financial coach there and hopefully you will get some solution to your problem.
Hope this helps...
God bless you.
Samantha
Debt managment can be a good solution to your problem. With the help of such a program, you will be able to pay off your medical bills. The best thing about it is, it doesn't affect your credit score negatively. However, it may be reported that you are paying off the bills through the help of a dmp.
I know about a debt community - debtconsolidationcare.com which helps people get out of debts through debt consolidation, debt management and other plans. You can talk to the financial coach there and hopefully you will get some solution to your problem.
Hope this helps...
God bless you.
Samantha
Anyone ever have success with debt settlement? He can't afford management
Hi Sean,
Welcome back.
Thousand of people have done successfully from the community Samantha has referred to you. Just check out this community. I think it will be helpful for you.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome back.
Thousand of people have done successfully from the community Samantha has referred to you. Just check out this community. I think it will be helpful for you.
Feel free to ask if you have any further questions.
Best of luck,
Larry