Co-signer of car loan filing bankruptcy
Question Details:
I have a vehicle that my mother co-signed for; she is now filling bankruptcy. She told them that she wanted to keep the car because it was in my possession. However, she wants her name off of the loan and I am okay with that (would prefer it actually). When she files will her name come off the car and still allow me to keep the car and continue to make payments?
Bankruptcy Law Answers
Her name doesn't "come off" the loan unless the lender agrees to remove her. However, she will no longer have any legal obligation to make payments on the vehicle if she receives a discharge in her bankruptcy. If she is not the primary obligee on the loan, then there should not be any problem as long as you stay current with the payments.
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