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Car Loan with Son Oregon

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  • dbwiser
    started a topic Car Loan with Son Oregon

    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?

  • Betty3
    replied
    Agree with that. I just wasn't positive what he was saying for sure.

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  • CatBert
    replied
    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.

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  • Betty3
    replied
    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.

    Leave a comment:

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