How canI protect my grandmother from judgement on a lawsuitfor a car that she co-signed on for me that was repossession?
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How canI protect my grandmother from judgement on a lawsuitfor a car that she co-signed on for me that was repossession?
I am a recent college grad and I have yet to find employment. My grandma recieves a pension. I was told I could file Chapter 7 but they would still attack her.
Asked on December 30, 2011 under Bankruptcy Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the car that you signed a loan for where your grandmother was the co-signer was repossessed, the lender can very well sue you and your grandmother for a deficiency judgment on the vehicle after it has been auctioned off.
The amount of the deficiency judgment will be the difference between what the car was sold for and the amount on the loan plus towing fees, storage fees, accrued interest and the auction fee.
As far as protecting your grandmother from a judgment concerning a likely lawsuit by the lender, I suggest that you enter into a written agreement with the lender and try to pay down the amount owed. From what you have written, your grandmother could very well be sued for the deficiency. I suggest that you consult with an attorney that represents creditors such as you.
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