Is there any way to get my co-signed parents off of my car loan in bankruptcy?

No.  Bankruptcy does nothing to help them.

You can file a personal bankruptcy and have your personal liability on that secured car loan discharged by the bk, but Mom and Dad are still liable for the full loan amount.

There are some ways to get your parents (or any other co-signer) off of the loan, but none of them are very attractive:

1.  You can pay off the loan in full.  This would get your parents off of the loan because there is no more loan.

2.  You can refinance the loan only in your name.  This is generally impossible unless you have really good credit, and odds are that if you needed your parents to co-sign for your car loan, your credit is not great.

3.  You can roll the negative equity of your car loan into a new loan on another vehicle.  For instance, you can go finance the purchase of a different vehicle and use the current one as a trade-in.  However, you are now adding the negative equity of your first bad car loan into the new car loan, and you may not even be able to swing financing on the new loan without help from a co-signer.

4.  If you have really good insurance, a car wreck, theft of vehicle, crushing meteor swarm, etc. might have a nice insurance payout of the full balance of the loan.  (Don’t count on this one).

But generally, you’ll be stuck with giving up the vehicle and having your parents sued for the deficiency balance after the creditor sells the car at auction, or you can reaffirm the car loan and keep paying on a bad debt.

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