Will they come after me for payments if I am the cosigner? 12 Answers as of April 20, 2016

My fiancé filed for bankruptcy. He was only one payment behind. They picked up the car and said because he filed for chapter 7 bankruptcy. He is no longer liable for the car.

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Stephens Gourley & Bywater | David A. Stephens
A bank can pursue a cosigner of a loan if the signer defaults or is discharged in bankruptcy.
Answer Applies to: Nevada
Replied: 4/20/2016
Philip R. Boardman, Attorney at Law
Philip R. Boardman, Attorney at Law | Phil Boardman
Yes. You are a co-signer. That is the same as being a co-borrower. You are on the hook for the debt now since the other borrower discharged their obligation in Bankruptcy.
Answer Applies to: Virginia
Replied: 4/20/2016
Danville Law Group | Scott Jordan
Unfortunately, if you cosigned on the loan and were not married at the time, the car finance company may, and probably will, try to collect any deficiencies from you.
Answer Applies to: California
Replied: 4/18/2016
Ronald K. Nims LLC | Ronald K. Nims
Yes as his cosigner, you're still liable on the car loan and he's not. So, you're the only person who they can go to for the money. You might want to rethink getting married to this deadbeat. He's sticking you with his car loan - a real stand up guy. He's declared bankruptcy which should get him out of his other debts but you should bide your time to see if he's become a responsible adult or whether he's still a bad little boy that's going to ruin your credit and leave you with a pile of debt.
Answer Applies to: Ohio
Replied: 4/18/2016
Garner Law Office
Garner Law Office | Daniel Garner
Unless the creditor applied for and received relief from the automatic stay, taking the car is a violation of the bankruptcy stay and can be prosecuted as contempt. Yet it is still possible for them to come after you as a co-signer on the loan. You need to consult a lawyer immediately.
Answer Applies to: Oregon
Replied: 4/18/2016
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    The bankruptcy discharge of someone else does not protect you from being legally responsible for a debt you cosigned. Unless you also plan to file bankruptcy, you may want to see if you are able to settle this debt before this creditor files a lawsuit with your name as Defendant.
    Answer Applies to: Nevada
    Replied: 4/18/2016
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    True. He is not liable, however you are. This why creditors get consigners, so they have a second person to go after.
    Answer Applies to: California
    Replied: 4/18/2016
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    If you are the cosigner you are also responsible for the car. Is bankruptcy discharge will wipe out his obligation.
    Answer Applies to: Nevada
    Replied: 4/18/2016
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    Yes, they can pursue you. That's exactly why they ask for cosigners.
    Answer Applies to: Colorado
    Replied: 4/18/2016
    Answer Applies to: Michigan
    Replied: 4/18/2016
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Under these facts, the answer is yes. Good Luck p.s. Has your fiance contacted the lender? Perhaps he can work something out.
    Answer Applies to: Wisconsin
    Replied: 4/18/2016
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