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Someone will buy the loan from the bank. Unfortunately, they don't just go away.
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∙ 15y ago
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Does a student loan need to be repaid after a school declares bankruptcy?
Yes.
What is meant by student loan bankruptcy?
Student loan bankruptcy happens when a student has not been a student for the last 7 years and declares bankruptcy. For more information please contact a student loan office.
Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?
no
What happens when a cosigner declares bankruptcy-not the primary owner?
Nothing unless they filed on your loan.
What do you do when your cosigner declares bankruptcy and the bank wants to repo your car which you have kept current?
You pay the loan off in some way or make a large enough payment so you meet the banks guidelines for a loan on your own CR.
If you have a personal bank loan can you still file for bankruptcy?
Of course.
What is the average loan offered by banks after bankruptcy?
It is not possible to say what an average loan is that a bank will offer after bankruptcy. This is because each situation is different and the bank will judge the request on its individual merits.
If a bank declares bankruptcy does a 401k loan still need to be paid?
Yes...absolutely...any loan from a bank...or anyone that declares BK is, if anything, more due! The others BK in no way changes YOUR obligation to pay...his BK may allow him to not pay some of his debts....it doesn't relieve any of yours. In fact, as your debt is now an asset of his that is going to be used/applied to his creditors to pay what he owes, the collection efforts will increase if anything...and have the backing of the US Bankruptcy Court and judges/lawyers, wanting to get the money to pay the creditors.
Where can someone go to obtain a bankruptcy home loan?
To obtain a bankruptcy home loan one could make an appointment with their local bank to talk to an advisor. One could also make an appointment with a bankruptcy lawyer.
What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
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.
Can you get a bank loan after bankruptcy?
It is very risky and difficult for one to get a bank loan after going bankrupt.But you can actually go for a loan considering what kind of business or project thefund is to be invested on. Besides before this loan can be granted to you, theyhave to be collaterals and security measures put in place outside the otherbusiness collaterals that led to your bankruptcy in order to prevent reoccurrence or loss.
Will the same bank used in bankruptcy issue a persoanal loan?
While you are a bankrupt you can not legally take out a personal loan. Further before issuing you with a loan (even after your bankruptcy has cleared) all banks will perform credit checks and they will probably refuse you credit (the loan) on the basis of your history.
