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Repossession
Debt and Bankruptcy
Co-signing

What can be done if a car was repossessed two years ago due to the cosigners bankruptcy and now the other party is being harassed for it?


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Wiki User
2005-01-06 18:15:54
2005-01-06 18:15:54

The parties who signed the loan are responsible for paying the loan. You can do the B/K deal just like the co-signor did and it will all go away.

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Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.

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You can, but it most definitely would not be advisable. The vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.

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my wife was Harassed at office. We have filed a lawsuit.

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Bankruptcy is an EXCELLENT way to stop Garnishments. Many attorneys can file an emergency peition to get that garnishment stopped NOW.. then go back and complete the bankruptcy later.


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