My situation is that i lost my job couple of months ago. I had just moved and I have a car that I leased 2 years ago but havent made payments on it for 3months now. my dad is the co-signer and I didn’t mean to hurt his credit, but my dad understands that the economy is really bad right now and if i cant afford the car anymore to just give it back.
He saying he is going to claim bankruptcy so they cant take any money from him since he’s the co-signer.i need to give it back because my car payments are 609.89 + insurance and I have two children to take car of. My question really is should I also claim bankruptcy along with my dad before I have the car repossed. I really don’t have any money but i just dont want to get in such trouble like going to jail for example for not paying a loan so big.what should I do?
If that does not work out for you and you have to give the car back, wait until you get a big bill from the lease company before you move ahead with bankruptcy.
It would not hurt for you to contact a local bankruptcy attorney and you and your dad go in and talk to them about coordinating a game plan here.
Rest assured, you are NOT going to jail over this.