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Is it true that if your car is repossessed you file bankruptcy and tell the lawyer there is a cosigner the lender cannot collect from either person?
Wiki User
∙ 19y ago
NO, not unless he co-signor files B/K also. But do be sure to tell your B/K attorney that there is a co-signor.
Wiki User
∙ 19y ago
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How credit union collect bankruptcy loan that discharged?
If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.
Can a debt collector still collect your debt if you file chapter 13?
No they cannot, as long as you included them in your bankruptcy. They would be in violation of Federal Law, and liable to suit and possible penalty from the bankruptcy court. The bankruptcy attorney, or the trustee should be notified about any collections on a bankruptcy account.
How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Should the balance of a creditor you filed chapter 7 on show zero on your credit report after it has been discharged?
No. Bankruptcy discharge does not mean the money isn't owed. It means that creditors cannot attempt to collect it. The money will always be owed. Accounts included in bankruptcy will stay on the cr marked included in bankruptcy, for the full seven years.
Can my house be repossessed if my husband is madebankrupt but is not on the deeds?
Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.
If you filed bankruptcy and you have a loan you cannot pay because you lost your hearing and job can they go after the cosigner?
In most cases. yes.
How credit union collect bankruptcy loan that discharged?
If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.
Can a debt collector still collect your debt if you file chapter 13?
No they cannot, as long as you included them in your bankruptcy. They would be in violation of Federal Law, and liable to suit and possible penalty from the bankruptcy court. The bankruptcy attorney, or the trustee should be notified about any collections on a bankruptcy account.
What happens if the motion for relief from a stay is denied?
Bankruptcy protection remains in place and the creditor who was denied the stay will remain a part of the bankruptcy and cannot attempt to collect the debt owed.
How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
What does automatic stay under title 11 mean concerning a repossessed car?
I'm assuming you are asking regarding a bankruptcy. An automatic stay is a utility of the court, that legally prevents contact with you from creditors after they have been notified of the bankruptcy proceedings. Once you file, the stay protects you and your proerty for as long as the stay exists. Once the BK is dismissed or discharged, the stay is lifted. While the stay is in effect, the vehicle cannot be involuntarily repossessed.
If you are filing personal bankruptcy and have a truck you cannot afford should you have it repossessed and include the debt in the bankruptcy?
B/K depends on your situation and there is no standard advice. But that is likely the best thing to do. As you stated, you cant afford it.Ask your B/K attorney. S/he can advise you better. I agree with that answer. Talk to your attorney. Filing for bankruptcy is a legal process and can be complicated so it's important to work out your bankruptcy carefully. Bankruptcy is the best way to get relief from debt.Get advice on bankruptcy and how best to deal with your debts , This independent website has a lot of useful information: http://freshstartsolutions.com.au/bankruptcy/#bankruptcyoption
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
What does it mean if the automatic stay is terminated by the bankruptcy court?
It means the protection aforded by BK, that creditors cannot try and collect from you, is ended and seizures, foreclosures, repos, etc can proceed.
Can you get tax relief while being in a chapter 13?
The IRS cannot take collection action against you while you are in bankruptcy, which generally means they also cannot make any kind of deals with you (ie. offer in compromise, payment plan, etc would all be considered attempting to collect a debt, which would make them in violation of the bankruptcy courts). Unless you plan to work out a solution through the bankruptcy courts and implement it into your bankruptcy plan, you should just wait until the bankruptcy is discharged and then give the IRS a call.
What if the primary borrower files bankruptcy is the cosigner still responsible for making payments on the vehicle Can the co-signer take their name off the vehicle?
A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.
