I was co-signer on an rv with boyfriend. we seperated and he wanted rv stating he would refinance to take my name off loan.Now I find out rv was repossed, and my name never was removed. Now he has claimed bankruptcy. Finally my question is -If rv was claimed on his bankruptcy, am I still liable for any $$ on it since I was co-signer???. Or am I cleared now since he put it on the claim?
Hi!
I think the easiest way to deal with this is to pull all three credit reports of yours and see if it is on there. Now…how long ago was this? have you checked to see the statute of limitations of your state for debts like this? I would. Do a web search on statute of limitations debt and find out first:
1) How they would classify this (there are four different classifications of debt)
2) Once you know how it is classified..you should be ale to easily find a table that will tell you-by state-what the statute of limitations is for this.
You might also want to check and see how your state views co-signers..that may differ as well. I have always heard that the cosigner is just as responsible as the primary signer for the debt..but it may be different depending on different state laws.
One more thing: The statute of limitations only covers if or if not whoever buys the debt can really sue you in court….it has nothing to do with the credit bureaus removing lines on your reports.
They still can legally pursue collections..as long as they follow the Fair Debt Collections Practices Act. If they don't..you have many other options to report them….and perhaps even sue them.
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December 28, 2008 at 10:40 pm
The only one that got cleared on the bankruptcy was him. The lender can still come after you since you co-signed.
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December 28, 2008 at 11:25 pm
I think you still owe.
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December 29, 2008 at 12:07 am
you owe. He did you wrong and you should have gone with him even after the break up to make sure he refinanced it in his name solely. He was untrustworthy and if you think back that is part of the break up now isn't it?
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December 29, 2008 at 12:27 am
you are responsible as you didn't file bankruptcy for at least part of the cost of the rv
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December 29, 2008 at 12:49 am
when a person owing money files bankruptcy it clears HIM of all debt, leaving anyone else that is named on the loan as responsible for whatever amount remains. sorry, but you are liable. and for future reference a person can not just simply have anothers name removed from a loan. there is procedure that must be followed. blessed be
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December 29, 2008 at 01:24 am
The repo will show-up on your credit report. SInce it was repo'd, once the bank sells it they can come after you for the difference in the loan value and what they sold it for.
I don't think he'll be able to claim it on the bankruptcy b/c your name is on the loan.
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December 29, 2008 at 01:46 am
You're still on the hook.
The liability for the loan is joint and several. That means you're responsible for the loan in its entirety.
He's a great guy, isn't he?
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December 29, 2008 at 02:05 am
Hi!
I think the easiest way to deal with this is to pull all three credit reports of yours and see if it is on there. Now…how long ago was this? have you checked to see the statute of limitations of your state for debts like this? I would. Do a web search on statute of limitations debt and find out first:1) How they would classify this (there are four different classifications of debt)
2) Once you know how it is classified..you should be ale to easily find a table that will tell you-by state-what the statute of limitations is for this.
You might also want to check and see how your state views co-signers..that may differ as well. I have always heard that the cosigner is just as responsible as the primary signer for the debt..but it may be different depending on different state laws.
One more thing: The statute of limitations only covers if or if not whoever buys the debt can really sue you in court….it has nothing to do with the credit bureaus removing lines on your reports.
They still can legally pursue collections..as long as they follow the Fair Debt Collections Practices Act. If they don't..you have many other options to report them….and perhaps even sue them.
References : -
December 29, 2008 at 02:42 am
If there was a deficiency balance after the repo, the lender could still come after you. A bankruptcy will generally not have any impact on the obligations of a co-borrower that hasn't filed for bankruptcy.
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