An authorized user, which is all you are - he is the actual card holder - is not responsible for the bill.
No. The secondary cardholder's credit history has nothing to do with the primary cardholder's. The reason for this is even if there are two cards, there is still only one account for both cards which the primary cardholder is responsible. Jags
No
As a secondary cardholder, you typically have the right to make purchases using the card, but you may not have the same level of control over the account or be responsible for repayment. Your rights may vary depending on the terms set by the primary cardholder or the card issuer. It's important to clarify your responsibilities and limitations with the primary cardholder or issuer before using the card.
AN authorized user cannot be held responsible for a primary holder's debt in any case. Only a joint holder can be liable for the debt. YES OF COURSE
No. Authorized Users are NOT liable for the debt, only the PRIMARY on the account is liable.
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
The loan becomes at worst like a single-signer loan. You are free to refinance or pay it off. Which you were, anyway. The only entity affected by the bankruptcy of a cosigner on a loan is the lender.
what happens when you file bankruptcy and your second home you own as an investment is placed in the bankruptcy by mistake the house getsfor closed on and sold but no title search is done to see that there are actually two mortgages on the house who is responsible for the second mortgage
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.
No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy
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.
In most instances the account holder is the only one responsible for the debt. If the deceased was married and lived in a community property state, the surviving spouse could be held accountable for the debt depending on the circumstances. One factor would be the state probate laws and what nonexempt assets might be part of probate proceedings. 2nd Answer Joint cardholders are equally responsible for the debt with the primary cardhold. If the primary has passed away, the joint will be responsible for timely repayment of the debt. Authorized cardholders are not responsible for the debt at all. If there is no joint cardholder, the regular estate laws for your state apply.