answersLogoWhite

Top Answer
User Avatar
Wiki User
Answered 2006-11-28 19:45:00

You signed to guarantee the loan. That means that you guaranteed to pay the loan if something went wrong. Something went wrong so you get to pay the loan.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still Have Questions?

Related Questions

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.


Can a lien be put on my property if im a senior citizen without going to court 1st for cosigned car?

Unfortunately if you cosigned a loan that means you were willing to pay the loan if the other signer defaults and if that happen they will go by any means to collect that money that you "cosigned/said" you would cover if the other person defaults. I would go after that person that you cosigned for if it has gone this far.


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


How can you sue the person you cosigned for?

if you are from 'merica


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.


What is the correct definition of a bankrupt person?

A bankrupt is a person who cannot pay his or her debts.


Someone cosigned a loan for me and I since lost my job can this person file suit for the entire loan or just what she cosigned for?

No, you would have to redo the loan.


Can an elderly person go bankrupt?

Certainly, an elderly person can go bankrupt; there is no age limit on bankruptcy.


What can be done to the person you cosigned for if they don't pay?

Very little, you will have to pay.


What happens if a loan is in default and the co-signer who put up the collateral is deceased?

The person who was "cosigned for" is still liable and the collateral is still collateral, it's just owned by the estate now. Same laws still apply


Do you have the right to take possession of a vehicle you cosigned when the person not making payments?

Yes.


Correct definition of a person who is bankrupt?

A person who can not pay his or her debts


Can you sue the person you cosigned for?

Yes it can be done. I'm in the process of doing so myself.


The person you cosigned for on a car loan passed away am I still responsible for the loan?

Yes


If a person cosigned for you and their name is on the title are you required to pay them back?

only if you owe them money


A person who is unable to pay his debt?

bankrupt


How do you use the word bankrupt in a sentence?

A person bankrupt money from the bank, so the polices were trying to find him.


What is the meaning of morally bankrupt?

A person is morally bankrupt if his actions display a complete disregard for ethical values or principles.


What happen if you have life use of home and person on deed file bankrupt?

It does not affect your life estate. But the title to the property can be sold or transferred, subject to the life estate.


Can a bankrupt person sign a lease for business?

yes they can


Choose the correct definition of a person who is bankrupt?

a person who cannot pay his or her debts


What is the definition of a bankrupt person?

A bankrupt person is one who cannot pay his debts. Bankruptcy laws sometimes allow indebtedness to be legally discharged when it is unlikely to ever be repaid.


What happens if you were a cosigner on an auto loan but now your credit is terrible and you are in a credit consolidation program?

As far as the auto loan you cosigned for, nothing will happen as long as the person who actually borrowed the money makes the payments on time.


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.


How would you use the word bankrupt in a sentence?

While some people went bankrupt in the 1890s mini depression, many businesses went bankrupt during the Great Depression.She felt emotionally bankrupt because of her drug addiction.