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I am co-owner on my brother's truck. I filed for bankruptcy and included the truck. What happens to the truck.?
Wiki User
∙ 11y ago
If the truck loan was discharged in your bankruptcy, your brother would still be legally obligated to make the payment. This is why it is not a good idea to co-sign anyone's loans. If the bank doesn't trust that the person will pay, then I would follow their lead.
Wiki User
∙ 11y ago
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What happens when a creditor doesn't file a proof of claim in a bankruptcy case?
If it is not a secured debt it will be included in the bankruptcy discharge.
What happens to your ticket when an airline files bankruptcy?
Nothing, the ticket is not a debt and would not be included in their bankruptcy. The ticket should still be good.
What happens to new medical bills during bankruptcy?
Those are not included to what you have declared. So, you must settle them and be responsible for them.
Can creditors classify an account as a charge-off because it was included in a chapter 7 bankruptcy?
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
What happens if a co signer files bankruptcy?
They both go bankruptcy
What happens if a creditor is disputing a debt to be included in a chapter 13 is filed?
contact them and ask them why...if it's a credit card...or basically anything but student loans they have to accept the terms of the bankruptcy. get in touch with the lawyer who did your filings for your bankruptcy proceedings and they should get it taken care of.
What happens to a judgment lien in a bankruptcy?
If the bankruptcy is discharged you are no longer responsible for the debt.
What happens to the interest rate on your credit card if you've filed for Chapter 7 Bankruptcy?
If the credit card was included in the Chapter 7, nothing happens. The account will be closed by the creditor and the amount owed including any accrued interest is wiped out.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
Joint account with your brother what happens if he files chapter 7 bankruptcy?
Joint accounts are included in an individual bankruptcy claim. Just how much of the value of the joint account is considered as your asset depends on history of the account, the type of account, and statutory details for certain types of assets / debts.
What happens to someone in a personal bankruptcy?
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
What happens when a judgment is against us while in the process of claiming bankruptcy?
If you are filing bankruptcy, you should have a bankruptcy lawyer onboard, and this is a question for him or her to deal with. You do not want to go through a bankruptcy on your own, especially as the bankruptcy rules have changed.
