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If you cosign on a credit card that was included in bankruptcy by the applicant can the balance be collected from the cosigner 20 months later?
Wiki User
∙ 18y ago
Absolutely. If the cosigner did not file bankruptcy, the creditor has every legal right to try to collect the money from them. There are some other things to take into consideration, however. First thing to check is the statute of limitations. These vary depending on the state and there are web sites that outline them. If the account has been turned over to an attorney's office, it is vital that you understand the laws in your state in regards to judgments and garnishments. Varying by state, there are circumstances that you could fall under that could protect your wages and bank assets from being garnished (For example, in Missouri, if a husband and wife share a bank account and the creditor only has judgment on one of you, the creditor cannot garnish your bank account because that account belongs to both of you, not one of you).
Wiki User
∙ 18y ago
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If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
When a loan is in default does the lender have to notify the cosigner?
When a loan is in arrears (past due), the creditor has the legal right to contact the cosigner unless the loan is included in bankruptcy. The Fair Debt Collection Practices Act states this fact. The sole purpose of a cosigner/guarantor is to guarantee the loan, hence it is likely if no payment arrangements have been made by one, they will collect from the other.
Can discharged items that were included in a bankruptcy be listed as discharged in bankruptcy on your credit report?
Yes, discharged debts are generally noted as "included in bankruptcy" on a CR.
Can your daughter be on your car insurance if you are not cosigner on her car loan?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
How can you get a judgment off your credit report after filing bankruptcy?
If the debt that you were sued over, or the judgment itself was included in your bankruptcy, you only need send a copy of your bankruptcy papers to the credit reporting agencies. The judgment will not "come off", but it should get marked "included in bankruptcy" or "discharged through bankruptcy".
If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
Can you take the possession of the car if you were the cosigner of a person who filed bankruptcy even if they have included the car in bankruptcy?
No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.
When a loan is in default does the lender have to notify the cosigner?
When a loan is in arrears (past due), the creditor has the legal right to contact the cosigner unless the loan is included in bankruptcy. The Fair Debt Collection Practices Act states this fact. The sole purpose of a cosigner/guarantor is to guarantee the loan, hence it is likely if no payment arrangements have been made by one, they will collect from the other.
Can discharged items that were included in a bankruptcy be listed as discharged in bankruptcy on your credit report?
Yes, discharged debts are generally noted as "included in bankruptcy" on a CR.
Can a debt to a private individual be included in a bankruptcy petition?
Not only can the be included, they MUST be included. All debts whether to Walmart or Aunt Betsy needs to be included in your bankruptcy filing.
Can your daughter be on your car insurance if you are not cosigner on her car loan?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
Can priority debts be included in bankruptcy?
You don't have a choice, ALL debts must be included in your bankruptcy petition. Oh, also, priority debts cant be discharged in a bankruptcy.
How can you get a judgment off your credit report after filing bankruptcy?
If the debt that you were sued over, or the judgment itself was included in your bankruptcy, you only need send a copy of your bankruptcy papers to the credit reporting agencies. The judgment will not "come off", but it should get marked "included in bankruptcy" or "discharged through bankruptcy".
If you have an account that is showing negative and it was included in a bankruptcy can you have the negative account removed or does it stay there and count as two negatives?
The term negative is rather confusing. If the account did not have a balance it would not have been included in the bankruptcy. Any account included in a bankruptcy will remain on the report for the requred length of time, open accounts would be seven years, they will be marked included in bankruptcy. The BK accounts listing will remain for 10.
Can you rid charge offs on your credit report if that creditor was included in your bankruptcy?
The charge offs will remain the required seven years and should be noted as included or discharged in bankruptcy.
Can your creditors change credit report entries from Bankruptcy to Charged Off or Collection after discharge?
No. All entries have to be marked "included in bankruptcy". Obviously that only applies if they were actually included.
When filing bankruptcy can past child support be included?
No. Child support is not dischargeable in either federal or state bankruptcy.
