my sister in-law filed for bankruptcy but?

MY HUSBAND SISTER CO-SIGN FOR MY HUSBANDS CAR BUT SHE IS FILING FOR BANKRUPTCY
AND NY HUSBAND NEEDS TO TURN IN CAR “VOLUNTARY” WILL THIS DAMAGE HIS CREDIT?

This entry was posted on Wednesday, May 27th, 2009 at 8:03 am and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

2 Responses to “my sister in-law filed for bankruptcy but?”

1. Dr. Deth Says:
   May 29th, 2009 at 9:53 am

   Possibly - your husband won’t have to turn in the car. You sis-in-law is not making the payments on the car, so she should not even list that on her bankruptcy filing. She’s only the “backup”. Just make sure you and hubby keep your payments current, so his score improves

2. spifiman1 Says:
   June 1st, 2009 at 10:00 am

   The first poster is wrong.

   When you file for bankruptcy you must include all open accounts you have and then if you want to keep something like a car or home you sign a reaffirmation agreement after you file.

   Your husband needs to contact the lender and see if they can work with him on this.

   As far as hurting your husband credit, yes it will because the car will show as “Included in bankruptcy” on his credit.