You either pay or dont pay or file B/K also. If a co-borrower has debt discharged through bankruptcy, the other signatory is 100% liable for the balance of the loan.
No. But they can ask to be excluded from the bankruptcy. Usually a deal can be made with the lender to keep a vehicle. If it is covered by the exemption and the borrower lives up to the contract agreement.
No. Not unless the co-borrower paid the vehicle off and does not have possession of the vehicle. If the vehicle was repossessed both parties are responsible for any outstanding debt.
Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.
I believe if you haven't paid in three months they can repossess your vehicle in Utah. *The state does not require a Right To Cure notice be sent to the borrower. The lender may recover the vehicle whenever the contract is in default. UCC laws apply, and the vehicle can be recovered by any means that does not constitute a breach of peace. The plates remain with the borrower/debtor.
Yes, if the contract requires that the borrower carry insurance coverage. If the borrower fails to adhere to any of the requirements stated in the written agreement the contract is in default and the lender has the legal right to recover the vehicle.
When a vehicle is repossessed by the lender it is sold at a public auction for as near the fair market value as is possible. The amount the vehicle is sold for is deducted from the balance of the loan and the borrower is responsible for the repayment of that amount plus any interest and additional fees. If the borrower is unable to make a payment agreement with the lender, the lender does have the option of suing for the amount owed and legal costs. It isn't possible to give a definite answer on if the lender will or will not sue the borrower for the debt.
The debt is not cancelled simply because the vehicle was repossessed. The borrower is still responsible for the existing amount of the loan (if any) after the vehicle has been sold at public auction.
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
Yes. Only if there was a relief of stay issued for the vehicle or you signed a reaffirmation for the vehicle loan and didn't make the payments.
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.