Will Redeeming a car (Financed vehicle ) during bankruptcy protect the cosigner?

Financed a car for almost 3 years now with a cosigner. High interest (Bad credit loan) and I am thinking of filing chapter 7. Will the cosigner be off the hook after my assuming ownership or would this only work If the cosigner was to file bankruptcy with me? Both of our credit is shot but I d hate to leave the

Financed a car for almost 3 years now with a cosigner. High interest (Bad credit loan) and I am thinking of filing chapter 7. Will the cosigner be off the hook after my assuming ownership or would this only work If the cosigner was to file bankruptcy with me? Both of our credit is shot but I d hate to leave the note on the cosigner to later be garnished. I want to take full responsibility so if redeeming is not going to get the cosigner off the hook then I ll keep on paying and hopefully be able refinance down the road. I haven t spoken to a lawyer yet but have been doing a little research but can t seem to find the answer, although to me it would seem that the consider would still be responsible for what s left? Thanks for all answers in advance!

Other answer:

Mika:
When you redeem a car it basically rips up the previous loan agreement. You would have to make sure the specific terms do not allow the lender to go after you or the cosigner or it would be a bad agreement.

The lender will consider your redemption offer, the option of going after the cosigner, or repo'ing the car and decide what's in it's best interest. The trick is getting the redemption offer through the court. It's certainly not something that is guaranteed and you may not be able to even afford the agreed cash payout for the car.

Maris:
Hello everyone i'm Maris Rooney i just want to testified on how i got a loan from a God fearing woman called Mrs Elizabeth pls do not fall in the hand of scan contact Mrs Elizabeth and get your Loan Via mail{elizabethperryloancompany@gmail.com…
StephenWeinstein:
No. The only thing that gets the cosigner off the hook is to repay the loan, in full, so that nothing is owed on the car.
Blubber:
No, the co-signer is still responsible. A car loan is a secured debt, it CANNOT be absolved in chapter 7.

Never, never, never, never co-sign for anyone else unless you are able AND willing to pay the debt yourself.

tro:
the very situation of a co signer is when the major signer is unable to fulfill the note, the co signer is liable
other than refinancing to get the co signer out of the picture, he is liable
Brown:
Am Brown from Ohio USA and i want to say a very big thanks to Helen Kent for helping me get a loan and i will be forever grateful to her and i will like you all who is looking for loan to contact her via email: helenkent71@gmail.com
Love big words:
You need to speak with your bankruptcy attorney
Casey Y:
You don't get the co-signor off the hook, which is the whole point of a co-signor.

They will go after your co-signor…period.

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