Bk13 and co signer

[mzsweet]

I co signed for my mom a car with santander thinking i was doing thev right thing. Well i just tried to get a car loan with my credit union and they tell me they can't bcuz the satander loan is 3 months behind. No i didn't know. I asked my mom and she told me that she just filled chp 13 bankruptcy. No i didn't know this either. She's telling my the car is not my responsibility anymore. I guess she house went to court last week. I don't know anything about bankruptcy and how I'm affected and how this will affect my credit. Can someone help.

[StartingOver10]

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@mzsweet wrote:
I co signed for my mom a car with santander thinking i was doing thev right thing. Well i just tried to get a car loan with my credit union and they tell me they can't bcuz the satander loan is 3 months behind. No i didn't know. I asked my mom and she told me that she just filled chp 13 bankruptcy. No i didn't know this either. She's telling my the car is not my responsibility anymore. I guess she house went to court last week. I don't know anything about bankruptcy and how I'm affected and how this will affect my credit. Can someone help.

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Your Mom doesn't quite understand what co-signing means and the impact of her filing Bk on your mutual debt. Because your Mom filed bk, she isn't responsible for the payments on the auto loan you co-signed (assuming she completes her Ch 13 successfully).  You are responsible for the payments because you co-signed for her on that loan.  Co-sign means that you agree to pay 100% for the debt too.  This also means the lender can come after you for full repayment of the auto loan.  This is one of the reasons why it is a very poor idea to co-sign for someone unless you are prepared to pay the debt. 

[silkysean]

Unfortunately this is the result of what happens when you Co-sign.I always say never ever ever Co-Sign unless you can afford to pay the debt.Biggest problem I have with this is you Co-Sign yet they can't tell you anything unless the person falls behind or starts to default then want you to pay.I think Laws should change to where they must give you a chance or notice that there's a risk your credit may get damaged and allow you to pay to avoid from hurting your credit.For you you will have the lates and your credit is now Damaged and while you're stuck with those for 7 years.Your mom will have all this wiped clean and can start over.This is why you never Co-sign period.Theres a Reason that person can't get a Loan on there own.Sadly I hope you've learned and no matter who it is never Co sign