If I file bankruptcy, will the car be taken from me? 6 Answers as of October 26, 2017

I am a co-signer on a car but I want to file bankruptcy. If I do, will the car be taken away from me and will it affect the other person's credit? I am currently making payments on time for my car.

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Only if someone does not make the payments.
Answer Applies to: California
Replied: 10/26/2017
Stephens Gourley & Bywater | David A. Stephens
IT will only be taken away if someone is not paying for it. It will not affect the credit of the cosigner as long as someone is paying for it. If no one is paying for it, it will affect the credit of the cosigner.
Answer Applies to: Nevada
Replied: 10/25/2017
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Maybe not. There's not enough info here to give you a definitive answer.
Answer Applies to: Colorado
Replied: 10/25/2017
OlsenDaines | Rex Daines
The bankruptcy is not the issue. Status of the car loan is the issue. If the car payments are current an the car is insured, it will not be taken away. If the car payments are current, it will not negatively effect the other person's credit.
Answer Applies to: Oregon
Replied: 10/25/2017
Law Office of Stuart M. Nachbar, P.C.
Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
The car will not necessarily be repossessed if the other signor continues to make the payments.
Answer Applies to: New Jersey
Replied: 10/24/2017
    The Salas Firm
    The Salas Firm | Ron Salas
    The car should not be taken as long as the payments are current. It will not affect the co-debtor so long as the payments stay current.
    Answer Applies to: Colorado
    Replied: 10/24/2017
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