Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.
YES, you can include it whether the payments are current or not.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
If you file for bankruptcy the court will be in charge of finding a fair settlement. They can require the person in bankruptcy to sell their primary residence if that is the main asset of value. The rules vary by jurisdiction. Independent of the bankruptcy the lender who has a loan secured by the property can foreclose and force the sale of the home if the payments are not made as agreed. A bankruptcy does not release the borrower from keeping up the payments on the home loan. As most loans state, if you fail to keep up with your payments your home is at risk.
I just talked to a friend of mine today about this. She says that if you do not have any late payments sent your bankruptcy discharge your credit is good. She also said I'd be suprised to see how many lenders are willing to loan to me after the discharge of bankruptcy. This of course depends on wether or not your payments are current or if you have incurred any additional bills. Good Luck!
What will happen depends on the decision of the bankruptcy judge. If you are making the payments but the loan is in someone else's name, you do not have a legal leg to stand on. Still, the bankruptcy law in the United States, recognizes the need for an automobile. So, that person may keep the car.
YES, you can include it whether the payments are current or not.
You will be responsible for the loan payments
Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
Short answer, is you can't. If you send the claim check to the mortgagee company, they will apply the amount you are behind to the loan and leave you short on the amount needed to make the repairs.
If you file for bankruptcy the court will be in charge of finding a fair settlement. They can require the person in bankruptcy to sell their primary residence if that is the main asset of value. The rules vary by jurisdiction. Independent of the bankruptcy the lender who has a loan secured by the property can foreclose and force the sale of the home if the payments are not made as agreed. A bankruptcy does not release the borrower from keeping up the payments on the home loan. As most loans state, if you fail to keep up with your payments your home is at risk.
I just talked to a friend of mine today about this. She says that if you do not have any late payments sent your bankruptcy discharge your credit is good. She also said I'd be suprised to see how many lenders are willing to loan to me after the discharge of bankruptcy. This of course depends on wether or not your payments are current or if you have incurred any additional bills. Good Luck!
Before doing that, you should go to your bank and explain your situation. They might be able to take over the loan at a lower interest rate. That way your payments may become smaller. If that doesn't work, maybe call whoever has your laon and explain your situation, see if there's anything they can do. * No. Bankruptcy should be the last resort for a debtor. Be that as it may, bankruptcy will not keep a vehicle from being repossessed or the borrower for being responsible for the loan. Secured property such as a vehicle are not dischargeable in bankruptcy.
If you reaffirmed your car loan during your bankruptcy, you agreed to continue making the payments. If you included your car in the bankruptcy, then the loan was wiped clean, as it appears to have been according to your credit report. Your car should have been repossessed, but apparently wasn't. You should check with the lawyer who handled your bankruptcy, but my guess is that your car slipped through the cracks.
3 payments
Nothing spectacular happens. And you are still liable for the loan payments. Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'. The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy. If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company. No matter what, you still have to pay the full amount of your loan.
There are some creditors that offer car loans to those who' ve filed bankruptcy.