Cosigner files BR, do I need too

My son who is 20, has cosigned on a auto loan with his mother (my x, who is currently filing bankruptcy) and he is presently without a job and has approx $3,500 in debt plus the auto loan of about $20,000. In your opinion, does he need to file for bankruptcy too. I don't see any other way myself. The auto is in need of major repair (motor + $2000) which the warranty will not cover.

[bigun]

I wouldn't be so hasty. The car goes back to the lender and it will be sold for some value. Until he knows exactly what his exposure is I'd hold off. Heck, even if he files, the bk trustee will want to know what he owes. I think he should concentrate on getting a job and start paying his bills. 20 years old is too young to have your credit fouled up with a bk. I'd encourage him to make a huge effort. It may require working 2 jobs but at least try to pay his bills. If it doesn't happen, bk is still available.

Thanks for the quick reply. The advice is very sound and I will encourage him as so. Thanks again, I really appreciated the information provided.