Posted on: 24th Oct, 2010 10:46 pm
I have only credit cards and a car loan, if I file chapter 7, I want to make sure that my grandpa's credit from co-signing an auto loan wont be affected. I want to keep the car and still make payments. Is this possible? Car loan was $12,000 and has $6,000 remaining.
if your grandfather is not filing bankruptcy jointly with you, then his credit won't be affected due to your bankruptcy filing. if you want to keep the car, then you can reaffirm the loan and pay off the dues on time. if the lender receives his dues on time, then he won't foreclose the property.