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If a person co-signed for another's car will the co-signer be taken if they file for bankruptcy?
Wiki User
∙ 8y ago
Yes!
The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour.
If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.
Wiki User
∙ 8y ago
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How can you get out of cosigner even through you already cosigned?
Pay the loan off and then collect payments from the person you cosigned for.
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
If you cosigned a loan and then went bankrupt and the original loan person skipped on the loan are you now liable as the cosigner even though you went bankrupt before?
Yes you are still responsible, especially if you didnt put it in your Bankruptcy, Any obligation you dont include you are still responsible for
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
What is cosigned?
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
If a person cosigns on a vehicle loan and is listed as the primary buyer on the title and the person they cosigned for has refused to make any payments can the the cosigner regain ownership of the car?
If a person's name is listed on a title, that person owns the car. If a person merely cosigned the note, that person's name will not be on the title. If you own the car, you certainly can take physical possession of it.
If the person you cosigned for refuses to pay on the car loan after a year and a half can the cosigner take over payments and get possession of the car?
Only if they are a joint title holder of the vehicle.
Can you co sign on a house after bankruptcy?
A person that files for bankruptcy will more than likely have their credit score decline. This will not make them a good candidate for being a cosigner.
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
How can you be a cosigner if the title is in the name of the person you cosigned for?
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.
