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Practically anyone can file for bankruptcy who is in debt. What is the real question attempting to be asked here? Please understand that in most jurisdictions liability for a joint (co-signed) obligation would be enforceable "jointly and severably," meaning that all as well as each party signing is liable for payment of the debt up to its full amount. If "you" was unable or did not pay, then "you"r portion of the unpaid debt could be demanded and collected from the other cosigner or cosigners. Such are the obligations and conditions one accepts when co-signing on a loan/mortgage. So, other than fear of anger and possible retribution by other signers, there is nothing to prevent any cosigner from taking voluntary bankruptcy if possible; however, such a filing would not likely go uncontested; and could well go ungranted (or even lead to a criminal charge) if there was any semblance of collusion.
Otherwise, another impeding factor would be the high likelihood of being sued (or joined adversely in the bankrupcty acton) by co-signers. In the very likely event that a judgment in such a suit was granted in plaintiff's favor, the bankrupt individual could not longer hope to "recover" by emerging from bankruptcy after the statutory period . . . because judgment debts (payments ordered as a result of civil trial) can be made perpetual and enforced for life against the defendant and his/her estate . . . even against heirs.
So can "you" file? Yes. Can you win or evade by filing? Not likely.
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∙ 13y ago
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If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
If you cosigned a car loan for your daughter and the car got repossessed do you both have to file for bankruptcy?
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
Can you file bankruptcy if you caused a car accident?
Can you file bankruptcy if you caused a car accident?
What happens when a loan is cosigned and the borrowers file bankruptcy but the cosigner is deceased?
The loan would be part of the bankruptcy filing. I can't see how the death of the cosigner is significant. (In financial terms, that is.)
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
If your estranged spouse files bankruptcy and you cosigned should you make payment arrangement file bankruptcy or wait for SOL to expire?
Thats a decision YOU have to make. Please consider the effects on your credit for each choice. Having to make that decision is a result of not considering it b4 you cosigned. Good Luck
Can you get your car back after a repossession if you file chapter 13 bankruptcy?
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
What happen if you file bankruptcy and have not been discharged and buy a car and have it finance?
If you file bankruptcy and you have not been discharged the car that you buy can be used to finance it.
If I want to file bankruptcy but my car is in my aunt's name is there any way she can release it into my name and I file the car in with my bankruptcy?
must be yours for two years
If someone cosigned a car loan for her husband and he couldn't pay and filed bankruptcy and she couldn't pay either would she have to file bankruptcy?
well if your husband is in bankruptcy they are not allowed to repossess the car as long as he is the one in possession of the vehicle, if they do repossess the vehicle you will have a pretty good lawsuit to hand them, if the car is repossessed or actually when , it will show up on both of your credit. so I have a website to help you www.stoptheREPOMAN.com we have repossession consultants that can help with your situation I STRONGLY RECCOMED YOU TRY IT.
What happens if my car is repossessed and then I file bankruptcy?
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
