Co-signer on vehicle & signer on Bank account

[michael77365]

What is the name of your state?Texas, I have been unemployed for 4 months, I am considering filing chapter 7, I am a co-signer on a close friends vehicle that shows up on my credit (payments are current and I am only co-signer) and I am a signer on a family members checking account I do not have bank account of my own. My question is do I have to report the vehicle or the bank account which I am only a signer on if I file chapter 7 and if I do have to report them, can they touch them since they are not actually mine. I am living with the family member that I am signer on the account, I have no money and no posessions except some clothes.

Can anyone give me advice on this.

Thank youy

[Ladynred]

Since you ARE a co-signer on the loan, yes, you DO have to list it, you cannot leave off debts. Even though you would only be liable if the primary defaults, you still list it as a debt.

As for the bank account, if it has your name on it, then you would have to list it as an asset - and be prepared to prove how much of what's in the account is yours and what belongs to the other party.

[michael77365]

None of the money in the account is mine, I have been unemployed for 4 months, how do I prove that none of it is mine?

[Ladynred]

The person who's money IS in the account should be able to account for the source of the funds. That's what would be needed if questioned.