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Creditors After Chapter 7 Car Repossession in Tennessee

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  • 07-14-2008, 05:19 PM
    msjustcurious
    Creditors After Chapter 7 Car Repossession in Tennessee
    My question involves bankruptcy in the state of: Tennessee.

    I cosigned with my mother to help her buy a car in 2001. In 2004 she filed for bankruptcy and the car was repossessed. Now the repossession/charge off is showing up on my credit report. Can they come after me and garnish my wages to repay the debt 4 years later? I have an appointment with a Consumer Credit Agency to try to repair the damage to my credit, but I fear I may end up having to declare bankruptcy to because they've added a large amount of interest to the loan in the meantime. They've never even negotiated any repayment schedule with me or contacted me in any way. It didn't even show up on my credit report with a balance until May of this year when I tried to apply for a mortgage. I need to get this taken care of before they decide to get any nastier than completely ruining my credit.
  • 07-16-2008, 08:41 PM
    MadMominMichigan
    Re: Creditors After Chapter 7 Car Repossession in Tennessee
    Yes, I believe they can go after you. When they repossess a car they normally sell it at auction, most of the time they don't get what is owed on the loan. If that's the case, I believe that they can go after you for the balance due on the loan.

    I believe the above info is accurate, but I'm not an attorney so I'm not 100% certain. I think your best bet would be to ask the people you're going to see or perhaps call an attorney.
  • 07-17-2008, 12:00 AM
    lwpat
    Re: Creditors After Chapter 7 Car Repossession in Tennessee
    Her BK did not effect their right to come after you for the loan. That is why they want a cosigner and also why you should never do it.
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