Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - What happens to a car loan during bankruptcy if you are the cosigner? - My mother signed my loan for my car, and is now filing bankruptcy. I cosigned on the loan. The payments now have to be made directly to the bankruptcy agency, and normally I make the payments. Since I was never asked before it went into bankruptcy, nor did I sign for anything is it my responsibility to pay still? I know that if my mother doesn't since I cosigned it is mine, and I know that since it has not been taken away because of the bankruptcy that it needs to be paid, but what I don't get is how it was added to that bankruptcy if me (the cosigner) did not get a letter first, or sign anything about it.
So is it now my mothers responsibility and if she doesn't pay then it gets repossessed? Does it show up on my credit if it does or does not get paid? Does it show up on my credit as a possession of mine going through bankruptcy? Why didn't I have to sign anything saying it was alright for it to go to bankruptcy? My mother keeps lying and changing her story and I just want to understand what is going on to know whether or not I have to pay since I'm just the cosigner, and it's in bankruptcy, or if I need to go get a new car because it will be repossessed. -
