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when you file for bankruptcy you have to make a detail record of all YOUR assets, and all of YOUR liability.
As long as asset is not in his name they couldn't take it unless they could prove that he was funnelling the asset away from legitimate creditors (fraud)
However his credit is crap for the co-signing so the bank is perfectly within it right to call the loan immediately.
Review your documentation, confirm that he hasn't secured the asset for other loans (your screwed) and consult a good lawyer
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“When crimes occur through the mail, you don’t shut the post office down,” Steve Wozniak
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