yes, unless the co-signer claims bankruptcy
No, it has to be settled before you can close it.
Yes you are still responsible, especially if you didnt put it in your Bankruptcy, Any obligation you dont include you are still responsible for
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
There's no maximum amount. If you can't make your payments you file bankruptcy.
Was the bankruptcy before or after the divorce? I don't think it matters however, the bank can always go after the cosigner on a mortgage if they didn't file bankruptcy as well.
If by settled, you mean get your car back, no, unless the bankruptcy was filed before the car was sold at auction (unlikely to be several months).
No, it has to be settled before you can close it.
Yes, they can be removed from the title although there isn't much point to the action if the vehicle is subject to BK seizure. However it is not possible to be removed from the loan agreement. The cosigner will likely be obligated to pay the outstanding debt.
I think you could only do something like that as a cosigner, because the loan originator will put a lien on the title that will have to be settled before the car can be sold or transferred.
They can collect before it is settled
You do not have to necessarily get credit counseling before you can file for bankruptcy.
A cosigner signs the debt agreement and the lender can demand payment from both the debtor and the cosigner. A guarantor does not sign and the lender needs to go through the debtor before demanding payment from a guarantor.
The cosigner must be present at the time the contract is signed. Before a cosigner is accepted by the lender him or her must meet the lender's requirements which will include a check of their complete credit history, employment status, etc.
The obligation is that the loan is now the liability of the co-signer who did NOT file bankruptcy. Your rights are the same as any debtor. You can pay the loan, or default. Declaring bankruptcy yourself is an option also. For those reading along...this is why lenders want a co signer before lending to people they don't think can/will pay off their promises. They've seen it before. So when/if the primary can't/doesn't pay, someone else will. This lender, unlike others who will get nothing by the primary declaring bankruptcy, will more than likely get his debt paid by - or the assets of the cosigner to do so. Funny, the deadbeat will now get away without paying the promises to this lender, other lenders and wanna bet, never repay the cosigner, ever, too!
Yes you are still responsible, especially if you didnt put it in your Bankruptcy, Any obligation you dont include you are still responsible for
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.