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Yes, but the court may not allow the bankruptcy to be used to release the co-signer from the financial obligation.
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∙ 8y ago
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What happens when a loan is cosigned and the borrowers file bankruptcy but the cosigner is deceased?
The loan would be part of the bankruptcy filing. I can't see how the death of the cosigner is significant. (In financial terms, that is.)
Will the credit of the co-owner but not cosigner of your car be affected if you file bankruptcy?
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
Is the borrower responsible for repayment of a vehicle loan two years after the cosigner filed bankruptcy and the vehicle was repossessed?
Yes, that's exactly how it works. If you'd paid for the vehicle at the time of the co-signers bakruptcy you could have kept the vehicle and improved your credit. The creditor wants you to either pay for the remainder of the note or file bankruptcy yourself. * A loan for a vehicle is considered a secured debt and is not dischargeable by the primary borrower(s) or cosigner(s) in bankruptcy action. All parties named on the loan agreement are responsible for the debt unless the SOL for the state in which the vehicle was either purchased or the debtor resides has expired.
If cosigner filed bankruptcy can bank force you to pay off vehicle or return it even if payment history is good?
No
Can you file for bankruptcy with a repo on your credit?
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
Can you keep your vehicle if you file chapter 13 bankruptcy?
yes
What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
2 homes with mortgage on both divorce and one files bankruptcy?
Was the bankruptcy before or after the divorce? I don't think it matters however, the bank can always go after the cosigner on a mortgage if they didn't file bankruptcy as well.
Can you file bankruptcy on a loan for a vehicle?
Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.
Can a cosigner be removed from a vehicle title before the signer declares bankruptcy?
Yes, they can be removed from the title although there isn't much point to the action if the vehicle is subject to BK seizure. However it is not possible to be removed from the loan agreement. The cosigner will likely be obligated to pay the outstanding debt.
If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
