chapter 7 bk and co-signer on car loan

[Anonymous]

Any input would be appreciated. 

Currently have a car loan on a  vehicle that doesn't work. The motor has gone out and thinking about filing chapter 7 to get that and other debts off of me to have a clean slate.

My problem is since there was a co-signer on the loan I was wondering if the finance company could then go after them although a chapter 7 was filed.

thanks

[llecs]

Why not pay off the car loan? Wouldn't that be better than having a charge-off w/repo and being sued for the difference and/or having a BK appear on your record for the next 7-10yrs? If so, you'll be paying cash for a future car for years to come. A BK would cost you more than what the car's worth. The co-signor would end up with a repo, CO, judgment maybe. Not sure about the BK.

ETA...a new motor would cost less than a BK.

Message Edited by llecs on 08-05-2009 03:50 AM