Re: I was co-signer... He filed Bankruptcy! & Nelson v. Chase

Posted by observer (152.163.189.170) on October 17, 2002 at 09:37:12:

In Reply to: Re: I was co-signer... He filed Bankruptcy! & Nelson v. Chase posted by pete on October 16, 2002 at 23:25:35:

The way U read the decision, the creditor would be within their rights to report any sort of late pays and/or chargeoff if that is part of the account history but, as the judges in Nelson say "included in bk" is misleading.
I would imagine Chase settled out of court on this one. I was on a Yahoo site when the decsion was a few days old and someone linked an interview with one of Nelson's lawyers. This would be a very sympathetic plantiff. The lawyer claimed that the mans credit report was one continual R-1. Never had a late pay on anything, no bounced checks, etc. Chase was never out a quarter. WHen the cosigner told Nelson about his financial problems, Nelson just stepped in and wrotethe check himself.
I think a jury would be surprised to learn that should they cosign a auto loan for a family member that memeber filed bk that the bk would bleed over to their credit report. I mean, they all know they are responsible for the payment but I'd bet none would know about the possible bk designation.

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