No, unless the co-signer was also part of the bankruptcy process. If not, then no the co-signer would have to be responsible for this debt. Wanda Improve Credit, LLC
Yes, The bankruptcy of the borrower does not protect the co-signer. The bank howevermust obtain a judgment against the co-signer prior to garnishment.
Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.
You file bankruptcy as an individual. It involves everything you owe and everything you own. You cannot file bankruptcy for only one loan The bankruptcy process can exempt certain assets from the process. Some debts may not be cleared. A debt secured by a specific asset has first call on the funds from the sale of the asset. If the sale fails to pay all that is owed, the additional amounts can be claimed as unsecured debts owed. If you want to know more about bankruptcy in your state and how you may be able to protect your primary residence you should consult with a bankruptcy attorney.
Yes. Only in this manner can they ascertain that the cosigner is credit worthy as claimed. Everything must be verified beyond any shadow of a doubt. The cosigner needs to be well aware of the circumstances should the one they are signing for default on what is owed. If someone racks up $40,000 in credit, then doesn't pay, the cosigner is then FULLY responsible for the entire balance due, which could totally ruin their own credit rating. Just be very careful about what you are cosigning for and read ALL the fine print.
It depends on who "you" are. If the person has lived in the same state or part of a state for his adult life, you can search the records of the bankruptcy court for that state or district within the state. If the person has moved around a bit, you can only find out by getting access to a credit report. which most ordinary people cannot do. Somelocal newspapers publish local bankruptcy filings, but not all of those newspapers put their contents online.
If you're using an attorney for the bankruptcy you have to pay him. Any other attorney bills can be claimed.
Yes- attorney needs to know if you ever filed BK (what type and when).
Child support arrears cannot be wiped out by a bankruptcy.
No. No aspect of child support will be discharged or lessend by BK
You can obtain a car loan after having claimed bankruptcy by applying online at the Cars Direct website. Cars Direct is well known for helping people with poor credit obtain an auto loan.
Nothing stops them from asking you for it, but you must assert your rights under the bankruptcy shield.
No.
Bankruptcy Court is filed in Federal District Court, however, exemptions claimed are state regulated.
Yes, all credit cards are considered debt no matter what the name of the card is.
There is no best insurance company for a Bankruptcy. Some Insurance Companies will not accept application for coverage from people with a bankruptcy. Some will accept you application but may charge you a higher rate. Yet other companies just don't check credit at all so it would not matter to them if you've had a bankruptcy or not.
Fines in Illinois can not be claimed in bankruptcy if they are derived from criminal acts, parking tickets and traffic offenses. Additionally, court ordered fines and restitution will not be discharged under Chapter 7.
Yes, The bankruptcy of the borrower does not protect the co-signer. The bank howevermust obtain a judgment against the co-signer prior to garnishment.