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Are you liable for a car loan if the owner files bankruptcy and the car was charged off?
Wiki User
∙ 13y ago
That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).
Wiki User
∙ 13y ago
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What happens to the primary if the co-owner files for bankruptcy?
The primary would be held liable for the debt.
If owner files bankruptcy does tenant have to move?
Of course not.
Why would a small business claim bankruptcy?
A small business owner would claim bankruptcy for a few reasons. The biggest reason would be to eliminate most or all debts for which a business owner is personally liable for.
What is liability of co-signer if the owner files bankruptcy and moves out of state?
unfortunately you will be stuck paying the bill.
If the primary owner of a car files for bankruptcy and it is discharged and the car is back with the company will the co-signer be liable for the payment?
The cosigner will be the person who will be held responsible for paying any deficiency depending upon when the BK was filed. If the BK was filed under the new bankruptcy reform laws the cosigner can be held responsible for the entire amount of the loan.
When drag racing or joyriding who is liable?
the driver and the owner is liable for anything
Who is Liable of personal vehicle used for job?
The driver and the owner is liable.
Who is liable for my adult daughter's car accident?
Who is the owner of the car your adult daughter was driving, you or her? If you, you can both be liable. Her as the driver, and you as the owner of the vehicle
Who is liable for damages from an hit-and-run unlicensed driver and the insured owner of the vehicle was the passenger?
Both the Driver and the Owner are liable for the damages. The driver, whether licensed or not is the primarily liable party. The insured passenger owner is secondarily liable for damages by the unlicensed driver he permitted to operate his vehicle.
If siblings own land from deceased parents and one files bankruptcy and they take her part can they also take the other siblings' land?
In general - and this is no exception to that rule - you cannot be held liable for your brother's debts. This means that when your brother/sister files for bankruptcy your assets cannot be taken. However, if you co-own something (like land) with your brother, all your brother's assets can be taken (a few exceptions exists) including his part of the land. This means that your brother can and will be forced to transfer ownership of his part of the land. Depending of the prevailing state law and the particular circustances the whole lot will be sold (and you get half of the receipts) or the new owner will only be co-owner and has to accept the limited rights of being only a co-owner.
If the owner financier a person not a company holds the mortgage note and he files bankruptcy how does this affect the buyer of the property?
The buyer still owes the money and must pay the debt.
Will the the credit of the co-owner affected if a co-signor files bankruptcy?
No. The co-signer is no longer responsbile for any part of the loan. If you default, the creditor can not attempt to collect from them.
