Can a co-signor file bankruptcy on a vehicle that they have in there possession?
Answer
Sure, why not? When you buy a vehicle with someone else you are co-owners regardless of who keeps possession unless the title is put in only one party's name. Even then there is nothing to prevent a co-signor from filing BK to get out from responsibility on the note. That will, of course, involve notifying the lender and the lender may want to repo the car or require the original buy to refinance the loan or do something else which makes the creditor more secure.
No comments:
Post a Comment