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In a Nutshell

A co-signer on a vehicle loan is obligated to pay the loan if the other human defaults on their payment obligation while a co-owner that a car has one ownership attention in the auto itself. This write-up explains just how to properly disclose these relationship in her bankruptcy forms.


When completing your Chapter 7 bankruptcy forms, it's crucial to encompass information about co-signers and also co-owners of your property. This most frequently affects cars and also car loans. 

What go co-owner mean? 

A co-owner is someone who owns one asset together with an additional person. In the case of a car, both the owner and the co-owner are noted on the title. The doesn’t issue if only among you is on the insurance allowance or registration for the car. 

What is the difference between owner and also co-owner? 

Having a co-owner doesn’t readjust the reality that you very own the property. But, relying on your agreement with your co-owner, you may need your permission prior to you deserve to sell the car. ~ all, it’s partly theirs. 

In a bankruptcy filing, you need to list your ownership attention (and that you have actually a co-owner) on your bankruptcy forms. 

How to perform a co-owner on her bankruptcy forms

You have to disclose the fact that an additional person own the automobile with you on her Schedule A/B:

If the car is paid off, it is the only component of your creates where girlfriend list the you have a co-owner.

How filing bankruptcy affects her co-owner

If the vehicle is an old beater worth less than the exemption you can insurance claim on your Schedule C to defend it, her bankruptcy won’t impact your co-owner. 

If the car’s worth is higher than the accessible exemption or it’s not your just car, be careful. The fact that you have a co-owner might not be sufficient to keep the bankruptcy trustee away. In the case, think about speaking come a bankruptcy lawyer in her state to find out whether a chapter 7 filing would influence your co-owner.

What go co-signer mean?

A co-signer, periodically referred to together a co-borrower, is a human that has actually agreed to take obligation for the loan if the primary borrower stops making payments. 

If you have a co-signer and you stop making payments on your vehicle loan, the bank will look to them to continue making payments.

If girlfriend cosigned a loan for someone else, you are the one that took on this duty in situation they default. If you file Chapter 7 bankruptcy, your an individual obligation to salary this debt will certainly be discharged.

How room co-signers and co-owners connected? 

A lot of times the co-signer that a vehicle loan is additionally a co-owner however that is not always the case. 

How come disclose a co-signer in her bankruptcy forms

If you're ~ above a debt through someone else who is no your spouse, you have to disclose this fact by checking the correct box on her Schedule D or Schedule E/F:

This is true even if it is it's a automobile loan, other secured debt or an unsecured debt.

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You will likewise have to recognize the co-signer on her Schedule H, an initial by disclosing that you have actually one or more co-signers in solution to question 1:

Then by providing the court v the name and address of the other human responsible because that the loan:

How submit bankruptcy affects your co-signer

This depends on what you decide to do about the debt. To uncover out just how it works, inspect out this write-up on what wake up to the co-signer of a auto in bankruptcy in our discovering Center.