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If I own a home with a co signer and file a chapter 7 will their credit be affected?
Wiki User
∙ 15y ago
If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.
Wiki User
∙ 15y ago
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Will a co signer help you if haved file chapter 13?
yes it will help... you will need someone with extremely strong credit for it to work!
What happens if your cosigner file chapter 7 and you file chapter 13?
Then the co signer would no longer have any liability to pay any debt you defaulted on.
How can a co-signer file bankruptcy on an unpaid vehicle without interfering the credit of the primary signer?
By listing the creditor on the bankruptcy schedules.
If you are the co-owner of a car and will continue to pay on it how will filing for Chapter 7 affect the owner's credit?
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.
Will the credit of a co-signer of your mortgage be negatively affected if you file bankruptcy?
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.
Filed chapter 13 was released can afinance company hold cosigner reliable for debt?
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.
How can one get a loan if they have declared bankruptcy?
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.
If you purchase a home with a cosigner and file Chapter 7 will his credit be in jeopardy too?
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.
When you file chapter 7 bankruptcy do they check your credit reports?
yes, it will remain on your credit reports for 7 years
If the cosigner on a car loan files bankruptcy and they file the car also and take it what will happen to the other person credit?
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?
How does filing for personal bankruptcy affect a former spouse's credit rating?
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.
What happens to a home mortgage if the co-signer does not file bankruptcy but has credit problems?
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
