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Sure.
And yes, it will involve the property and credit of the other co-borrower.
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∙ 16y ago
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What happens to a home mortgage if the co-signer does not file bankruptcy but has credit problems?
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
What do you do if your vehicle was repossessed if you were the co-borrower and the other borrower has filed Chapter 7?
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.
If you are a co-borrower on a mortgage and the other co-borrower has just filed bankruptcy will this affect your credit rating?
Yes. I co-signed for an auto loan and the other borrower filed bankruptcy without notifying me. I was in the process of buying a home and before I went to settlement they pulled my credit again and her bankruptcy came up - preventing me from getting the house. So yes it will affect your credit because it will show up on your credit report that that person has filed for bankruptcy.
Will the credit of the co-owner but not cosigner of your car be affected if you file bankruptcy?
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?
no
Is the borrower responsible if the co signer files bankruptcy?
Yes, co-signer means obligated as a guarantor of the note, but the federal bankruptcy can excuse the obligation as part of the settlement.
How do you get co borrower off your home loan?
You will have to refinance the debt with your creditor, and qualify for the debt on your own merit. The co-signer will have to file a Quit Claim Deed.
How long will the chapter 12 bankruptcy 'stay for co-borrowers' be in effect against you when a debt that your husband filed under is paid off?
I may not understand the question, but assuming you are the co-borrower, then the co-borrower stay is not "against" you but actually is protecting you. A co-borrower stay keeps the creditor from suing the co-borrower so long as the debtor in bankruptcy is paying the debt in full through his or her bankruptcy. So, if your husband paid off the debt in full that you were a co-borrower on, then you don't really need the protection of the co-borrower stay anymore since the creditor is paid in full and is satisfied. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Can the primary borrower continue paying car loan if co-signer files chapter 7 bankruptcy?
Has to
Can a bank garnish wages of a co-signer in Georgia if the primary signer has claimed bankruptcy?
Yes, The bankruptcy of the borrower does not protect the co-signer. The bank howevermust obtain a judgment against the co-signer prior to garnishment.
Your husband is filing chapter 7 bankruptcy and you are not but you are a co-borrower on his loans will you still be responsible?
In most states, YES
Can a co-signer on a vehicle file bankruptcy?
Yes, but the court may not allow the bankruptcy to be used to release the co-signer from the financial obligation.
