Can you file for bankruptcy if co-signed a car?

If you co-signed a car loan, you are legally responsible for the debt. This means that if the primary borrower defaults on the loan, you will be responsible for making the payments. If you cannot afford to make the payments, you may need to file for bankruptcy.

Filing for bankruptcy can discharge your debt, including your car loan debt. However, there are some important things to keep in mind before filing for bankruptcy.

First, you should try to work out a repayment plan with your lender before filing for bankruptcy. This may involve making smaller monthly payments or extending the term of the loan. If you can reach an agreement with your lender, you may be able to avoid bankruptcy altogether.

Second, you should weigh the pros and cons of filing for bankruptcy before you decide to move forward. Bankruptcy can have a significant impact on your credit score and make it difficult to get credit in the future. You should also consider the cost of filing for bankruptcy, which can include attorney fees and court costs.

If you decide that filing for bankruptcy is the best option for you, you should contact an experienced bankruptcy attorney to discuss your case. An attorney can help you determine if you are eligible for bankruptcy, and they can represent you in court.