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| *Loan,banking and credit>>>debt loan |
I co-signed on a car loan the other party is planning to file bankruptcy will I be liable for the debt? |
I co-signed on an auto loan the other party had an accident in the car(the car was totaled,he had no insurance) the car was voluntarily repoed. I am now making the payments so they would not garnish my wages. Will I continue to be liable for this debt if he files bankruptcy? Is there anything I can do to get my money back from the other party once the debt is satisfied. YES, sad to say, but when u co-sign u have just as much ownership if not responsibility for the vehicle...once they fire bankruptcy that will also go on YOUR record...you wont have to pay for the car any longer, but ur credit will drop dramatically. If I were you, I would not let them file bankruptcy. This will hurt you just as much as it hurts them. (credit wise) Yup...you sign....you pay! You have to pay it off before bankruptcy or your credit will go bye bye with his. NEVER do that again! A SECRET PEOPEL DONT KNOW ABOUT> u get deducted points to look at your credit score, IT IS A BIG SECRIT ALOT DONT KNOW ABOUT, but if u wnat a gr8 thing i tell u....to get gr8 credit and a gr8 credit report do this....put 500$ or so into a STRONG BANK not a BANC...like wells fargo, then get a 500$ "<SECURED>" card. do not use debet on the purches...use the SECURE CARD... PAY BACK secured card with checks from the account at wells fargo BUT... NOT ALL AT ONCE... little by lettle, BUT ON TIME, AND AHEAD OF SCHEDUAL, doing this will increas your credit report in ALL 3 catagorie scores, JUST BE SURE U DO NOT SPEND ALL 500$. max it out half way at 250, and be sure u add moeny into the wells fargo account. IF U PAY EXATLY ON TIME, and head, u get gr8 points, AND dont have it at 0, apperently thay thingnk 0 is a BAD THING so have like 1.25$ so they know that u still r a good customer of theres. see profile for more ino on me |
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