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If i cosigned on a loan then the person goes bankrupt then they default on a bankrupt what happen?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
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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.
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
What can be done to the person you cosigned for if they don't pay?
Very little, you will have to pay.
Can an elderly person go bankrupt?
Certainly, an elderly person can go bankrupt; there is no age limit on bankruptcy.
Do you have the right to take possession of a vehicle you cosigned when the person not making payments?
Yes.
The person you cosigned for on a car loan passed away am I still responsible for the loan?
Yes
