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Repossession
Debt and Bankruptcy
Co-signing

Is it true that if your car is repossessed you file bankruptcy and tell the lawyer there is a cosigner the lender cannot collect from either person?


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2004-10-08 14:10:50
2004-10-08 14:10:50

NO, not unless he co-signor files B/K also. But do be sure to tell your B/K attorney that there is a co-signor.

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Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.

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Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.

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If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.

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Bankruptcy protection remains in place and the creditor who was denied the stay will remain a part of the bankruptcy and cannot attempt to collect the debt owed.

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No they cannot, as long as you included them in your bankruptcy. They would be in violation of Federal Law, and liable to suit and possible penalty from the bankruptcy court. The bankruptcy attorney, or the trustee should be notified about any collections on a bankruptcy account.


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