Any Attorneys out there?

Hello everyone,


I'm a first time poster here, I usually just lurk as I play the game only occasionally and feel I would not have much useful to contribute to the experts. But as I always see a wide array of useful responses both to Poker questions and other questions I though I would put this to you folks.


Here goes: My cousin taught me to play poker about two years ago. He was a self-proclaimed "professional" and regularly showed me his stacks of hundred dollar bills to attempt to prove it to me. I had seen him play however and was fairly certain he was only fooling himself. My concerns were realized when he came to me after his third GA meeting and told me he was filing bankruptcy with over 30K in debt and no assets. I'm happy to at least see him trying to get help, but I have my doubts.


What I'm more concerned about right now is that I co signed for his car loan a couple years ago. I was wondering if this would have any effect on my credit, etc. I realize I'm responsible to the bank, and that's not a problem, but I'm wondering if anything else happens to me. Also, just in case there's anything he's not telling me, would I have even known about this if he didn't tell me or tried to reaffirm the car loan or something?


I feel horrible that this is what my first post is about, but while I would like to help him, I do have to worry about my own financial situation as well.


Anyone have any thoughts?


TJM

I realize I'm responsible to the bank, and that's not a problem, but I'm wondering if anything else happens to me. Also, just in case there's anything he's not telling me, would I have even known about this if he didn't tell me or tried to reaffirm the car loan or something?


I can't give you legal advice, but I can give you answers to certain questions:


1. Quite simply, you got it right: his bankruptcy discharge will make you solely responsible for the debt. You should also pull YOUR credit after you find out about the discharge. It is not uncommon for lenders to mis-report information to credit bureaus and I've had clients have their cases reported on a co-signor's credit report.


2. I am unaware of anything that can happen to you unless you ignore the debt. At the same time, I do not know all the facts and would recommend that you see an experienced attorney who is licensed to practice in your state or province. Most of us consumer bankruptcy attorneys give free consultations anyway /images/wink.gif.


3. You would not have known about his bankruptcy unless his schedules were done properly, and they often aren't. It is required that he list YOU on his schedules as a co-signor on the loan you described. Some courts give notice of the bankruptcy to co-signors, some do not.


If you have any questions or need help finding an attorney in your jurisidiction, email me directly. You can find my email address in my profile.


Good luck!

I'm not sure why they call it co-signing because in substance you signed for the loan and it is in your name. You should contact the lender and have the billing address changed to yours so you know what is going on. Taking possesion of the car wouldn't be a bad idea.

I called it cosigning because he's been making the payments, but yeah, it's my name on the loan, so I better go grab the keys.


Thanks


TJM

Thanks for the response Hammuh,


I'm sorry I don't know how to look at profiles so I'm posting again here. If there is anything else with my name on it will that be on a credit report? I haven't signed for anything else, but I am concerned just thinking about how easy it is to, for example, get a credit card these days. I don't want to find out, after he's free and clear under Ch. 7, that I'm ten grand in debt or something. I would like to think that I would be contacted if something like that was going on, but I don't know for sure.


As for finding a good attorney, I could definitely use some advice... I just moved to Chicago about a week ago and not only do I not have a relationship with a firm here, I don't even know anybody to ask for a reference. If you know anyone in that area it would definitely help me out.


Thank You very much for the answers you provided to my post... they've been very helpful already.


TJM

Hey TJ,


1. You can see a poster's profile (if he/she has one) by clicking on the link at the top of the post which follows the words, "posted by". If the poster's name appears as a link, you can click on it and see their profile.


2. My email address is ags@weisblattlaw.com


3. To find a lawyer in your area, I would suggest going to http://www.illinoisbar.org/faq/faq.asp and finding a reference. Feel free to email me directly about what types of questions you should ask an attorney you want to hire, and what you can do to help ensure the person you hire is reputable and capable.


4. If you are concerned that ANYONE may have misused your personal information for credit purposes, I suggest you pull a credit report IMMEDIATELY. The place I use and direct my clients to is http://www.credit411.com/requests/mailOrder.html


There's probably cheaper places, but this one is my favorite.


Good luck!