Cosigning on Auto

What is the name of your state? Georgia
I cosigned on a truck for a friend of mine years ago.
When he got behind on the payments, Ford called me. Last month they quit calling so today I called them to see what was going on. He has filed bankruptcy on the truck. I would like to take the truck and try and refinance the truck and my car into one payment. I have not heard anything from Ford or the bankruptcy court in regards to this. Shouldn't they be contacting me? Is it possible for me to do anything so my credit won't be ruined by this? Does it matter whether he has filed Chapter 7 or 13 as to whether I can get the truck?
Thanks, Kathie

[Elmo-1]

Whether you can get the truck is a matter of whether your name is on the title along with his. If he filed a Ch 7, co-signing simply makes you responsible for the balance owed should he default. If it was Ch 13 he can put the payment arrears in the payback plan and keep the truck.

This can affect your credit in two ways:

1) He files Ch 7, YOU allow the loan to stay in default and the truck is repossessed. Since you co-signed, your credit report would reflect this activity, and may even show 'surrendered in Bk', even though it's not your Bk.

2) He files a Ch 13, is already 2 months behind and it takes 3-6 months for the bank to start receiving Trustee payments. The bank doesn't want to wait and goes after YOU to get the account current. You don't have bk protection and you don't have the money to pay 5-9 months of arrears, so the bank 'accurately' reports this activity to the CRB's.

You need to find out what his plans are, which chapter he filed and see about getting the title transfered. You'll have to go through his attorney and/or Trustee since the truck is now property of his Bk estate.