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Can you take the possession of the car if you were the cosigner of a person who filed bankruptcy even if they have included the car in bankruptcy?
Wiki User
∙ 13y ago
No, not unless your name is on the title.
No, not unless your name is on the title.
No, not unless your name is on the title.
No, not unless your name is on the title.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoNo, not unless your name is on the title.
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Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
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.
Can you co sign on a house after bankruptcy?
A person that files for bankruptcy will more than likely have their credit score decline. This will not make them a good candidate for being a cosigner.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
If a person co-signed for another's car will the co-signer be taken if they file for bankruptcy?
Yes! The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour. If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.
Can a person with bad credit get unsecured loans or will he need a cosigner?
Surprisingly, even a person with a bankruptcy can often get small unsecured loans with a couple years of good payment history. Other loans will need a cosigner or may be totally unavailable, though.
If the cosigner has possession of vehicle and all payments are up to date can person named first take the vehicle at any time?
Whomever is named on the TITLE has equal rights to the possession of the car.
Is a credit line on your house included in bankruptcy?
That is up to the person filing the bankruptcy. You can include or omit any debt that you choose.
If the primary owner of a car files for bankruptcy and it is discharged and the car is back with the company will the co-signer be liable for the payment?
The cosigner will be the person who will be held responsible for paying any deficiency depending upon when the BK was filed. If the BK was filed under the new bankruptcy reform laws the cosigner can be held responsible for the entire amount of the loan.
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.
What rights does a cosigner have to gain possession of the vehicle if his name is on the title in Maryland?
The person named on the title is the owner and can take possession. If you have to pick up the car from another party, have a sheriff deputy on hand when doing so, just for your protection.
If the person you cosigned for refuses to pay on the car loan after a year and a half can the cosigner take over payments and get possession of the car?
Only if they are a joint title holder of the vehicle.
