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Car Loan with Son Oregon

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  • Car Loan with Son Oregon

    Two years ago, I entered into a loan agreement with my son to help him purchase a car. I am currently contemplating filing chapter 13 and was wondering how the bankruptcy will impact my son's credit rating. The loan is secured against the car. If the debt is settled for a percentage of the current balance, what impact will that have on his credit?

  • #2
    Please verify just to be clear. Are you saying you are a co-signer on a car loan your son took out or you saying something else?

    Thanks.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    • #3
      If you are a co-signor and filing chapter 13 there shouldn't be any reflection on your sons credit, however you may need to sign a reaffirmation agreement for the loan.
      Not everything in America is actionable in a court of law. Please remember that attorneys are in business for profit, and they get paid regardless of whether or not you win or lose.

      I offer my knowledge and experience at no charge, I admit that I am NOT infallible, I am wrong sometimes, hopefully another responder will correct me if that is the case with the answer above, regardless, it is your responsibility to verify any and all information provided.

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      • #4
        Agree with that. I just wasn't positive what he was saying for sure.
        Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

        Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

        Comment

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