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Posted in Auto Loans
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rochestera

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if i am the cosginer on a loan and the owner filed bankruptcy
how will this affect my credit score

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I would assume that the lender that issued the loan that you cosigned for will be getting in contact with you to make the payments. If you make the rest of the payments on the loan your score should be fine, if you do not your credit scores will suffer. The lender may also try to get a judgement against you to pay the amount, check your state laws to see if they can. Depending on the amount though, many lenders will not bother getting judgements and will just charge off a delinquent account and send it to collections. I am not sure what to advise you here, but start by researching the laws in your state. If the amount owed on the loan is low enough that you can afford to pay it, you may want to if it is worth it to you to keep your good credit. Besides that, don't do anything stupid to get back at the person you cosigned for, some times good deeds don't work out the way that they should, I have been burnt in the past as well trying to help people, all you can do, is the best that you can to help yourself now and then move forward a wiser person.

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