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If a cosigner on a car loan is declaring bankruptcy will you lose your car?
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∙ 12y ago
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Can a mortgage company put a lien on my moms paid off home if she is a cosigner for my mortgage that is deliquent?
Yes, the mortgage company can do that. She co-signed for the loan and is responsible for it if you don't pay. She can lose her house.
Will you lose your car if you make the payments but the loan is in someone else's name and they go bankrupt?
What will happen depends on the decision of the bankruptcy judge. If you are making the payments but the loan is in someone else's name, you do not have a legal leg to stand on. Still, the bankruptcy law in the United States, recognizes the need for an automobile. So, that person may keep the car.
Your student loans are in default your attorney says if you file bankruptcy you will still receive your federal income taxes is this true?
While in general you should always follow your attorney's advice, you may wish a second opinion from another attorney this time. A bankruptcy does not get you out of student loans. If you were going to lose your income tax refund to the student loan people, then even after bankruptcy you still will.
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
Did Vallejo municipal bondholders lose money when Vallejo declared bankruptcy?
yes
Will you lose the car if the cosigner declares bankruptcy?
most likely you will, that's why you had to have a cosignor in the first place. depends on how much you have paid. whether youhave paid on time, and maybe whether you can pay a decent amount on the loan to reduce the balance now.
Do you lose your RRSP's when declaring bankruptcy?
While registered pension plans [RPPs] are exempt from seizure in bankruptcy situations, most Registered Retirement Savings Plans [RRSPs] are not.
If the co-signer do not have enough credit after being the co-signer half year for a car loan because of the co-singer lose the job What will happen to the co-signer?
AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)
Can my house be repossessed if my husband is madebankrupt but is not on the deeds?
Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.
In North Carolina if you have cosigned for an auto loan and the loan is in default and the auto is damaged is the cosigner responsible for the damage?
No - just the loan. BUT! The seller may repossess and sell the damaged car for $500.00 to apply to the loan rather than maybe $2000.00. So it's about the same anyway. You lose.
You are a bus driver you have been declared bankrupt you have a car which you need for work and to pick up your kids you also have a moped which is not suitable for work will you lose your car?
I presume that YOU declared bankruptcy yourself? If so, then the car loan company will likely try and repossess their property, as you through declaring bankruptcy are saying you do not have the funds to make the payments. The loan company has an interest in the car and will recover and sell it to regain some of the funds that they loaned you to purchase it. I am afraid that your personal needs for a vehicle do not enter into this situation.
What will happen to a student loan in bankruptcy for a cosigner?
If neither the borrower nor the cosigner have the money to pay back the loan, than bankruptcy is always an option for the cosigner. If you don't have the money, you don't have the money. However, be prepared to lose a good deal of your possessions and absolutely destroy your credit!
How do i get car title loan to release my title after bankruptcy?
You can keep your car.Bankrupts rarely lose their cars because they've gone bankrupt. Of course this is conditional and only bankruptcy advisors knows if yours is safe. Contact an attorney or bankruptcy advisor. They should be able to help.
Can a mortgage company put a lien on my moms paid off home if she is a cosigner for my mortgage that is deliquent?
Yes, the mortgage company can do that. She co-signed for the loan and is responsible for it if you don't pay. She can lose her house.
Can a cosigner lose their car?
Sure, if the parking lot is too big.
Will you lose your car if you make the payments but the loan is in someone else's name and they go bankrupt?
What will happen depends on the decision of the bankruptcy judge. If you are making the payments but the loan is in someone else's name, you do not have a legal leg to stand on. Still, the bankruptcy law in the United States, recognizes the need for an automobile. So, that person may keep the car.
Do you lose your cell phone in a bankruptcy?
No.
