In most cases. yes.
I believe, it is because it is property of the Academy and is, according to the recent Toni Braxton bankruptcy hearing, non-transferable; it is property of the academy and the recipient and therefore cannot be sold without both of their consent.
When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.
If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
A cosigner cannot be arrested solely for being a cosigner on a loan. However, if the primary borrower defaults on the loan, the cosigner may be held responsible for the debt and face legal action if they do not fulfill their obligations.
NO, not unless he co-signor files B/K also. But do be sure to tell your B/K attorney that there is a co-signor.
A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.
PEOPLE file for bankruptcy because of economic circumstances. Divorced men would have less motivation to do so than many, as child support is a debt that cannot be changed by bankruptcy.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Bankruptcy does not relieve a tenant from paying his rent: it's not a debt. Rent is due in advance of the rental period and is not an extension of credit. Oh, and a landlord cannot evict a tenant simply because he filed for bankruptcy.
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.