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If you file bankruptcy return the auto can the bank go after your cosigner for the difference between what you owed and what they auctioned it for?
Wiki User
∙ 8y ago
Yes. Why wouldn't they be able to?
That's the whole point of cosigning:
Two people are on the hook for the same loan. What a great deal for the lender!
Wiki User
∙ 8y ago
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Do you really have to pay the difference between the amount owed and the auctioned amount?
YES
In bankruptcy what is the difference between release forms and discharge forms?
what is the difference between release forms and discharge forms in bankruptcy law..
What are the key differences in bankruptcy laws between Florida and California?
Bankruptcy laws are federal so there is probably no difference in bankruptcy laws between Florida and California.
If the cosigner on a car loan files bankruptcy and they file the car also and take it what will happen to the other person credit?
They will want the money from the co-signer. In my case, my car was repossesed and my mom was my co-signer and she had to file bankruptcy too. The lender will sell the car in an auction and your co-signer will be responsible for the difference between what you owed and what is was sold for. Got it?
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
What is the difference between debt settlement vs bankruptcy?
There is a subtle difference between debt settlement and bankruptcy. Debt settlement allows a person to pay off some of their debt with their creditors. Bankruptcy claims do not result in payment of the debt. Either practice creates bad credit scores for the consumer.
Can they make you pay the difference between what the car brings and the amount you owed if your car is repossessed and auctioned in Arkansas?
YES, read the contract you signed.
What is the difference between a chapter 11 bankruptcy voluntary dismissal and a chapter 11 bankruptcy dismissal via consent order?
There really isn't much difference in these cases. The difference is just one of how they were filed. Both are voluntary dismissals.
What is the difference between a company going bankrupt and getting bankruptcy protection?
One and the same...going bankrupt means they have legally asked for protection under the bankruptcy laws.
What is the difference between chapter 11 vs chapter 7 bankruptcy?
The major difference between Chapter 11 bankruptcy and Chapter 7 bankruptcy is that Chapter 11 offers more flexibility so that debtors can negotiate terms without having to sell their assets. Under Chapter 7 bankruptcy, the debtor's assets are almost always sold to pay off their debt. Chapter 7 also features a level of debt forgiveness, whereas Chapter 11 does not.
Does the cosigner on a mortgage need to be on the purchase and sale so the seller is aware of a cosigner?
That is an issue between the mortgage company, the buyer and the cosigner. The seller's only worry is selling the property and getting paid.
If you are a co-borrower not a cosigner are you responsible for repayment of the loan?
Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.
