0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
If the cosigner on a car loan files bankruptcy and they file the car also and take it what will happen to the other person credit?
They will want the money from the co-signer. In my case, my car was repossesed and my mom was my co-signer and she had to file bankruptcy too. The lender will sell the car in an auction and your co-signer will be responsible for the difference between what you owed and what is was sold for. Got it?
If the primary on the loan defaults on the loan and has claimed bankruptcy and the co-signer has not does the lender have the right to reposses the car without giving the cosigner a chance to pay?
No, unless the co-signer was also part of the bankruptcy process. If not, then no the co-signer would have to be responsible for this debt. Wanda Improve Credit, LLC
If your wife included a joint car loan in her bankruptcy but you did not file bankruptcy are you still liable for that loan?
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
If you file for bankruptcy and your car is repossessed can a friend take a loan out for you to purchase a car?
Of course, it won't legally be your car however.
If you have a car loan and your co-signer just filed bankruptcy will this effect you?
I believe so. I would check with www.clarkhoward.com orwww.daveramsey.com. They are both excellent with consumeradvice.
If the cosigner on a car loan files bankruptcy and they file the car also and take it what will happen to the other person credit?
They will want the money from the co-signer. In my case, my car was repossesed and my mom was my co-signer and she had to file bankruptcy too. The lender will sell the car in an auction and your co-signer will be responsible for the difference between what you owed and what is was sold for. Got it?
You bought a car with a co signer can you file bankruptcy?
Sure. The co-signer will be responsible for the debt on the car.
How can one get a car loan after filing bankruptcy?
To receive a car loan after filing for bankruptcy you will probably have to rebuild your credit before applying. You can also find a co-signer with amazing credit to counteract yours.
Can the primary borrower continue paying car loan if co-signer files chapter 7 bankruptcy?
Has to
Are you liable for a car loan if the owner files bankruptcy and the car was charged off?
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).
If the primary on the loan defaults on the loan and has claimed bankruptcy and the co-signer has not does the lender have the right to reposses the car without giving the cosigner a chance to pay?
No, unless the co-signer was also part of the bankruptcy process. If not, then no the co-signer would have to be responsible for this debt. Wanda Improve Credit, LLC
Where can one get a car loan after declaring bankruptcy?
You can receive a car loan after declaring bankruptcy by applying to any bank that offers the option. However you might have to rebuild your credit score first, or just have a co-signer with amazing credit.
If your wife included a joint car loan in her bankruptcy but you did not file bankruptcy are you still liable for that loan?
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
If you file for bankruptcy and your car is repossessed can a friend take a loan out for you to purchase a car?
Of course, it won't legally be your car however.
If a person co-signed for another's car will the co-signer be taken if they file for bankruptcy?
Yes! The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour. If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.
If you have a car loan and your co-signer just filed bankruptcy will this effect you?
I believe so. I would check with www.clarkhoward.com orwww.daveramsey.com. They are both excellent with consumeradvice.
In California If Chapter 7 bankruptcy is the last resort Should you file bankruptcy first then return a car that has a big loan on it?
Yes. In that order.
