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A "reaffirmed loan" is a loan that the claimant in a bankruptcy has left out of the bankruptcy and is "reaffirming" that they will still pay the loan as usual.
Yes, if the money is going to pay the balance of the plan, or pay 100% of all claims in the plan. Consult your bankruptcy attorney.
If you are in a Chapter 13 plan, you have to get permission to pay off a vehicle or sell a vehicle that is included in your plan.
As soon as you get the cash to pay for it
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.
A "reaffirmed loan" is a loan that the claimant in a bankruptcy has left out of the bankruptcy and is "reaffirming" that they will still pay the loan as usual.
You pay it.
Yes, if the money is going to pay the balance of the plan, or pay 100% of all claims in the plan. Consult your bankruptcy attorney.
If you are in a Chapter 13 plan, you have to get permission to pay off a vehicle or sell a vehicle that is included in your plan.
If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.
As soon as you get the cash to pay for it
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.
Yes.
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.
If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.
They must be listed as a debt, and they can be discharged. Some payday lenders claim to have a security interest in your paychecks until the loan is paid, but those may not be legally established secured loans. Consult a local bankruptcy lawyer to check your loan docs.
The loan becomes at worst like a single-signer loan. You are free to refinance or pay it off. Which you were, anyway. The only entity affected by the bankruptcy of a cosigner on a loan is the lender.