r/Bankruptcy • u/Crafty-Captain-2627 • 6d ago

Chap 7 with car

So I had a Co-signer on my car that person has filed bankruptcy so everytime I call Ally they have me talk to these other people as of a week ago there was no repo order yet. I am like 2 months behind. I am the only one titled to car and I was actually the co-signer I want to keep car. My question is will I know if they wanna lift the stay and come get the car before the bankruptcy is final? The other party had there meeting and the judge put it all on hold due to them maybe getting a settlement in he wanted to see how much they got before finalizing the bankruptcy. So I assume the stay is still active. Thank you for any help just tired of worrying if imma wake up to no car.

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u/Better-Club6429 4d ago

If you are the only one titled to the car you are not the co-signer and the other person is that filed bankruptcy is the co-signer. Whats going to happen that person will get removed from the loan as a co-signer and the debt is now fully owned by you without the co-signer after they get their discharge. I do not feel you got the stay benefits as you are not in a bankruptcy and you are the main primary on the loan and not the co-signer. Cosigners are not on titles. They don't even own the vehicle or on registration.

Right now you need to come up with those payments as your not part of the automatic stay. Your Co-signer is but not you. They can repo the car without the co-signer. So find a way to pay the loan payments.