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If you cosigned a car loan for your daughter and the car got repossessed do you both have to file for bankruptcy?
Wiki User
∙ 9y ago
Having a car or other item repossessed does not mean anyone has to file for bankruptcy.
Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
Wiki User
∙ 9y ago
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If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
If someone cosigned a car loan for her husband and he couldn't pay and filed bankruptcy and she couldn't pay either would she have to file bankruptcy?
well if your husband is in bankruptcy they are not allowed to repossess the car as long as he is the one in possession of the vehicle, if they do repossess the vehicle you will have a pretty good lawsuit to hand them, if the car is repossessed or actually when , it will show up on both of your credit. so I have a website to help you www.stoptheREPOMAN.com we have repossession consultants that can help with your situation I STRONGLY RECCOMED YOU TRY IT.
If you cosigned for your husband's car loan and the car was repossessed do you have any recourse if you are divorced and a judgment was filed on both of you and you were unaware of it and never served?
You have very little recourse. As a co-signer, you are just as legally obligated to the debt whether you knew it existed or not. As a co-signer, it is incumbent on you to be aware of the status of the loan.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
What happens if a co signer files bankruptcy?
They both go bankruptcy
If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
If someone cosigned a car loan for her husband and he couldn't pay and filed bankruptcy and she couldn't pay either would she have to file bankruptcy?
well if your husband is in bankruptcy they are not allowed to repossess the car as long as he is the one in possession of the vehicle, if they do repossess the vehicle you will have a pretty good lawsuit to hand them, if the car is repossessed or actually when , it will show up on both of your credit. so I have a website to help you www.stoptheREPOMAN.com we have repossession consultants that can help with your situation I STRONGLY RECCOMED YOU TRY IT.
If you cosigned for your husband's car loan and the car was repossessed do you have any recourse if you are divorced and a judgment was filed on both of you and you were unaware of it and never served?
You have very little recourse. As a co-signer, you are just as legally obligated to the debt whether you knew it existed or not. As a co-signer, it is incumbent on you to be aware of the status of the loan.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
What happens if a co signer files bankruptcy?
They both go bankruptcy
How can you get your ex boyfriend off motorcycle loan you cosigned but titled in both your names?
Offer to buy his share.
If you co-signed for your daughter for a car loan and both of your names are on the title can you take it and put it only in your name if she is filing bankruptcy?
Yes. Do the paperwork with the bank and file it with the state to get the title changed.
Is the credit rating of a cosigner's spouse affected?
This should not show up on your personal credit report, but if you jointly apply for a loan (it is usually required that both spouses be on real estate transactions) it will be listed as one of his obligations and possibly reduce the amount that will be approved. And if the cosigned loan is in default or has been charged-off or repossessed, it could make it difficult to get a joint loan.
Does both spouce's have to file bankruptcy?
yes
If you cosign on a loan and they don't pay the bill and the car gets repossessed are you able to go after the primary debtor in court to make them responsible for any outstanding debt?
No. You cosigned on the loan. You are the bank's back-up payment if the first person defaults on payment and you become responsible. That is why it is very important that you trust the person you cosign for or you have the funds to pay for the car if they default. If you pay for the car, it becomes yours. Before it was repossessed, the bank should have notified you in writing. Then you have the option to take the car and pay for it. Both credits will by hurt substantially.
How is your credit affected by a chapter 13 bankruptcy verses a chapter 7 bankruptcy?
Both have the same negative impact on your credit.
Bankruptcy if married can one spouse file bankruptcy independently from the other Is the one spouse then held responsible for the first spouse's debts if bankruptcy Is filed?
One spouse can file bankruptcy separately and both are held responsible.
