What Happens to the Co-Signer of a Car Loan in Bankruptcy?

If you have co-signed for someone's car loan, you may be wondering what would happen to you if they were to file for bankruptcy. The good news is that you would not be responsible for repaying the loan. However, there are a few things that you should keep in mind.

First, the lender may try to collect the debt from you. They may contact you and ask you to repay the loan or they may even sue you. However, if the person who filed for bankruptcy is discharged of the debt, then you will not be held liable.

Second, your credit score could be affected if the person who filed for bankruptcy does not make their payments on time. Late payments will show up on your credit report and could hurt your score.

The Laws Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706