Car Repossession And Bankruptcy

[socalfem]

I believe the car that I co-signed for my son is going to auctioned off and I don't want to be left with the balance, or have my wages garnished...could someone tell me which bankruptcy chapter I might need to file to get out of this mess ? I live in CALIFORNIA

[usedbranflakes]

To start with, I would be all over him like white on rice.

Chances are the deficiency balance is only going to be a few thousand dollars. That's really not much to destroy your life over.

You can always talk to the bank about curing the default prior to the auction.

[socalfem]

To start with, I would be all over him like white on rice.

Chances are the deficiency balance is only going to be a few thousand dollars. That's really not much to destroy your life over.

You can always talk to the bank about curing the default prior to the auction.

Well times are tuff for him right now, new baby, layed off.....

The deficiency for a $30,000 truck won't be a few thousand dollars

The bank is Toyota Financial...they want the balance

I wanted to know if he declared bankruptcy, am I still liable for the balance ? seems like I read somewhere recently that the co-signer isnt liable if the signer declares bankruptcy ????????

[lwpat]

Not true. You are responsible. Bankruptcy only releases his responsibility for the debt, not yours. If possible refinance the truck and then sell it yourself. You will still have a loss but probably not as great.