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Law Girl
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Category: Bankruptcy Law
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Five years ago my daughter obtained an automobile loan. I ...

Resolved Question:

Five years ago my daughter obtained an automobile loan. I co-signed. The vehicle was reposessed two times. I helped retrieve the car after the first reposession. After the second reposession she filed Chapter 7 bankruptcy and let the car go. Recently a collection agency has contacted me seeking payment for the loan. What is my recourse?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 8 years ago.

DearCustomer

Thank you for your question.

Unfortunately, since you are the co-signer on the vehicle, you can be held responsible for any outstanding amounts on the vehicle. If the vehicle was repossessed as part of the Chapter 7 proceedings, then they may be trying to collect the difference between what was owed on the vehicle and what they were able to auction the vehicle for.

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.

Good Luck!

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