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Guy fails to pay on $27k Porsche for 2 years, friend who cosigns gets the shaft

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Old 08-13-2008, 12:32 PM
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Default Re: Guy fails to pay on $27k Porsche for 2 years, friend who cosigns gets the shaft
Originally Posted by Jimmie
bankrupcy = 10yrs.
reposession = 7 years


hmmm....
Bankruptcy isn't nearly as bad as a repossession, and in this case the bank can go after any real assets of hers to cover the remaining balance.
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Old 08-13-2008, 12:33 PM
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Default Re: Guy fails to pay on $27k Porsche for 2 years, friend who cosigns gets the shaft
Originally Posted by vmspionage
Bankruptcy isn't nearly as bad as a repossession
care to elaborate?
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Old 08-13-2008, 12:39 PM
  #33  
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Default Re: Guy fails to pay on $27k Porsche for 2 years, friend who cosigns gets the shaft
Originally Posted by Jimmie
care to elaborate?
Chapter 13 is just restructuring your debt, meaning you still pay the lien holder back on a new schedule. Involuntary repossession costs the bank time and money, shows lack of good faith and labels you a higher risk. Your credit will take a harder hit from the repo.
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Old 08-14-2008, 03:47 AM
  #34  
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Default Re: Guy fails to pay on $27k Porsche for 2 years, friend who cosigns gets the shaft
Originally Posted by vmspionage
Chapter 13 is just restructuring your debt, meaning you still pay the lien holder back on a new schedule. Involuntary repossession costs the bank time and money, shows lack of good faith and labels you a higher risk. Your credit will take a harder hit from the repo.
Oh. Thanks.
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Old 08-14-2008, 04:11 AM
  #35  
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Default Re: Guy fails to pay on $27k Porsche for 2 years, friend who cosigns gets the shaft
wow what a bad sitation. the 2 year thing seems a bit off though.
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Old 08-14-2008, 05:29 AM
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Default Re: Guy fails to pay on $27k Porsche for 2 years, friend who cosigns gets the shaft
Post up address of "Dick"
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Old 08-14-2008, 05:35 AM
  #37  
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Default Re: Guy fails to pay on $27k Porsche for 2 years, friend who cosigns gets the shaft
Contact a bankruptcy lawyer and start all over.
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