yes it will help... you will need someone with extremely strong credit for it to work!
Then the co signer would no longer have any liability to pay any debt you defaulted on.
By listing the creditor on the bankruptcy schedules.
Well, only slightly if he makes all the payments due in a timely fashion. But if he doesn't, because he is responsible for the loan, then very much so.
It doesn't unless the bill doesn't get paid one way or the other. If you own the car and file for bankruptcy, the co-signer's credit does not change as long as the bill still gets paid. If the co-signer files, the owner's credit does not change unless the bill doesn't get paid.
Without knowing your co-signer's finances, this is impossible to answer. However, if you obtain a discharge of your liability on a mortgage loan, the co-signer would have 100% liability for the remaining balance. If that person is able to make the payments, then no harm would come to their credit record. If the loan gets paid late, goes into default and foreclosure; those derogatory listings would be reflected on that person's credit report and THAT would jeopardize his/her credit.
Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.
:A bankruptcy under chapter 7 or 11, or a non-discharged or dismissed chapter 13 bankruptcy generally remains on your credit file for 10 years from the date filed. A discharged chapter 13 bankruptcy generally remains on your credit file for 7 years from the date filed.
No. They would only go after the co-signer if you didn't pay back the debt. Since you did file Chapter 13, which is a repayment plan, your co-signer should be free and clear.
They will want the money from the co-signer. In my case, my car was repossesed and my mom was my co-signer and she had to file bankruptcy too. The lender will sell the car in an auction and your co-signer will be responsible for the difference between what you owed and what is was sold for. Got it?
yes, it will remain on your credit reports for 7 years
No, your credit works independently of each other. Most couples share bad credit because they share the liability for the credit accounts. Thus, when they fall behind on payments both their credit is affected. In the case where credit was obtained independently of each other, the bad credit will not carry over to the other upon marriage unless the spouse agrees to becomes a co-signer and agrees to become legally obligated for the debt.
The only way it could possibly affect the former spouse's credit is if you are including debt in your BK that the spouse may be jointly obligated on; regardless of who was responsible for that debt in the divorce decree. It the spouse was not a co-signer on any of the debts you file BK on, then they won't be affected.
It would depends entirely on your financial situation, there is not enough information to determine. If you were to file chapter 7, the that credit card would be forgiven.
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!
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
Bankruptcy lasts on your credit record for 7 to 10 years. You can re file a Chapter 7 after it has been 8 years. You can file a different chapter after it has been four years.
A Chapter 13, whether it is dismissed or successfully receives discharge, is on your credit report for 7 years. A chapter 7 is on your credit report for 10 years. i called equifax and a discharged chapter 13 stays on for 7 years and a dismissed chapter 13 stays on for 10 years
No, not via the loan. It may get a little screwy because of you being married though. I filed a 13 in Indiana and my wife cosigned on a bike loan and she now has problems getting credit eventhough I was the one to file. Also the criedit company still holds her responsible for the intrest.
The answer is yes -- Chapter 13s are removed after 7 years in a credit file
Seven (7) years from the date of dismissal.
That depends on, what's on your credit bureau file. The score will look at the age of your credit cards, balances and payment history
Yes; however, the issuer is not required to continue to extent you credit (can close the account).
Significantly, but most important of all will be what have you done to make sure you have paid your credit cards on time and how have you rebuilt good credit since you last file Chapter 7.