The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
Probably not, unless it's a private loan and they live in Wisconsin.
well, actually parents are responsible financially till they graduate from collage, but if the drop out from school just till they turn 18.
From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.
As long as the child is not a cosigner on the debt, the child is not responsible for parent's debt. The parent's estate would be responsible for the debt. Technically this could reduce the inheritance the child receives, but it is not the responsibility of the child.
Yes. A parent is financially responsible up until a child turns 21.
Yes, as long as the cosigner is a legal gardian or a parent.
No, only the biological or legal adoptive parent is financially responsible for the care of their minor child/children.
Unless there is a court order stating the parent is responsible for child support past the age of 18, then no.
If a minor is legally emancipated it is assumed that they have no more connection with the parent, and that the parent is no longer financially responsible. Therefore, the child is held responsible for bills.
Presumably the 18-year-old themselves; at that age, you are considered an adult (in most countries) and thus responsible for your own life.
None. When a minor is granted emancipation he or she becomes a legal adult and the parents are no longer financially or legally responsible.
You have to reach the age of majority. In most places that means you have to be at least 18 years of age. Until then, your parents are responsible for you financially.
Only if the adult was acting as a legal guardian of the person in question at that time. At age 21, your parents are not normally accountable for anything you do. Was the kid driving the parent's car? If so, the owner of the car is financially responsible.
Not unless they signed taking that responsibility on. The estate has to resolve the issue.
Not if the child is a legal minor. However, under certain extenuating circumstances, it is conceivable that a court MIGHT order an adult child to assume legal guardianship over a parent. OR - if the parent awarded the adult child their POA, then the child WOULD become responsible for caring for the parents needs including the payment of their bills and obligations (albeit, usually utilizing the parent's own money).
Yes, of course your cosingers signature means something. It means that there is no way for to have been approved for what you applied for without their good credit to back you. It also means ,God knows I hope your cosigner has some sense, that your cosigner is 100% responsible for any default of restitution on your part. The cosigner is essentally applying for the very same thing you are--for you--on your behalf almost. Be good to your friend, parent, whoever has helped you and repay your loan on time.Happy holidays.
Is a step parent responsible for a disabled child
The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.
Yes because the law for both states say that your parents are responsible for you until the age of 21 even if you have moved out, relocated, and fund yourself.
Yes. They are still the child's parent and responsible for supporting their child.
Yes a parent can be held responsible for a minor child's debt if the parent co-signs on a loan with the child. For credit cards, if the child is an authorized user on a parent's account the parent is also responsible for this debt.