Paying For Grandma's Bankruptcy
Ashley made a stupid mistake when her grandmother got a car loan. What does it mean now that she's filing bankruptcy?
QUESTION: Ashley’s grandmother owns her car, but she makes the car payments. Now grandmother is going to file bankruptcy. How will that affect her as co-signer of their car loan? It is worth $21,000 and they owe $18,000. They make $60,000 a year.
ANSWER: If she hasn’t filed, try to get the car re-titled into your name now. If I woke up in your shoes, I’d sell the car as quick as I can. Get the debt out of your name. Save up and buy a beater car.