Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
I am filing a chapter 7 bankruptcy and i have a car that i am going to reaffirm. With that being said i also have a cosigner on my car loan. Can my cosigner object my reaffirmation agreement and force me to lose my car?
Response: No, your co-signer cannot object to your reaffirmation. However, since you are not being represented by Counsel, the Court would schedule a hearing in the case to make sure that you know the consequences of reaffirming a debt, that reaffirmation nullifies the benefit of your bankruptcy filing. This means that if the Court approves the reaffirmation agreement and if you later default and the lender repossesses and sells the car for less you owe on it, the lender would still come after you for the deficiency. Whereas if you did not reaffirm, the lender cannot come after you, but can still go after your co-signer who remains liable on the debt whether you reaffirmed or not since the co-signer is not filing for bankruptcy protection.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).