Filing for bankruptcy. I need help!?
I am considering filing for bankruptcy due to extensive medical bills. I have a car that was totalled, but I owe ,000. I had a co-signer sign for the car. Does anyone know what happends to that person after i file?
Do I get to keep the car? The car has no value and barely drives.
Also does anyone know of inexpensive alternatives to using a bankruptcy lawyer. In california we had a legal document service called "We the People" I am residing in TX.
Can i do the paperwork myself?
Posted May 25th, 2010 in Bankruptcy Q and A. Tagged: bankruptcy lawyer, co signer, document service, filing for bankruptcy, inexpensive alternatives, legal document, medical bills, paperwork.
The lein holder on the car goes after the co-signer who is liable for the entire debt. The bankruptcy protects you, not the co-signer, which is why the lender asked for the co-signer in the first place. Sounds like you were considered a poor risk. You are about to make an enemy of the co-signer in other words.
You keep the car during the mandatory stay but then have to hand it over once the stay is vacated.
Lawyers wrote the laws so there is no real alternative to using lawyers.
May 25th, 2010 at 2:12 pmCo-signer is stuck with car payment. Go to legal aid agency. Don’t go bankrupt. People you owe would rather have you pay off at a lower rate than get nothing. Bankruptcy ruins you for more years than you can count. Negotiate with those you owe.
May 25th, 2010 at 2:12 pmdont file for bankruptcy. You will still have to pay everything back. It will ruin you credit and your life.
May 25th, 2010 at 2:12 pmYou don’t get to keep the car because you owe money on it unless you want to keep paying the $7000. Considering it’s totalled there is no good reason to keep it. If you get a discharge on that they can go after the co-signer.
We the People has been cited for unauthorized practice of law in some states, I’m not sure if TX is one of them. But be aware that legal document services cannot give legal advice and if something goes wrong you have no one to blame but yourself.
Also please don’t listen to people that tell you you are still going to have to pay for things if you file. That isn’t true, you can still discharge most debts.
May 25th, 2010 at 2:12 pm