Sometimes. If you reaffirm (i.e. keep) the debt in a Chapter 7, the co-signer is generally unaffected by your bankruptcy filing. In a Chapter 13, if you continue to pay a debt outside the Plan, or pay it in full through the Plan, then again the co-signer is generally unaffected. However, if you file Chapter 7 or Chapter 13 and do not pay the debt (i.e. if you discharge the debt in your bankruptcy case), then the lender will pursue to co-debtor for repayment. In other words, your bankruptcy does not also protect the co-signer; if you don't pay the debt, the lender WILL go after your co-signer. In this case, the co-signer would need to pay the debt or file bankruptcy also. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
The debt becomes the responsibility of the co-signer.
Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Yes, but the effect on the liability for the mortgage may keep you from discharging the liability for the mortgage. Consult a local bankruptcy attorney.
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.)
No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
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.
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
Doesn't change any of your legal obligations (other than the debts at the court), like filing taxes, or what is due.
Yes. Filing bankruptcy does not affect your work status generally speaking.
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
No, your relationship status does not affect your bankruptcy proceedings but if you filed as a couple (as opposed to one individual to the marriage filing) things can get complicated when it comes to debts, etc.
I have file for Chapter 7 twice and it has had no effect on my car insurance.
Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.