Personal Finance
Debt and Bankruptcy
Loans
Money Management

If you have a car loan and your co-signer just filed bankruptcy will this effect you?

121314

Top Answer
User Avatar
Wiki User
2011-09-12 21:56:52
2011-09-12 21:56:52

I believe so. I would check with www.clarkhoward.com orwww.daveramsey.com. They are both excellent with consumeradvice.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

Geritom Medical, Inc in MN has not filed for bankruptcy. we just hired more pharmacy techs. this past week.

User Avatar

of course you can. One does not inhibit the other. If you filed for bankruptcy as a couple, then the bankruptcy will proceed during the divorce, it just may complicate things. If you filed for bankruptcy as an individual then there should not be too much of an issue because you were only filing for bankruptcy as to your individual debt.

User Avatar

I filed my Federal taxes for 2008 and just received a refund and I am in the process of filing bankruptcy this month will that refund be added as income to the bottom line?

User Avatar

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.

User Avatar

you just have to check around because not everyone does a background check!

User Avatar

The bankruptcy itself will show up on reports very soon after it is FILED. The discharge itself is not reported, just the public record of the bankruptcy itself.

User Avatar

If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.

User Avatar

You should be able to get it even with the bankruptcy. You will just have to pass the test and get the appropriate licenses.

User Avatar

Unfortunately, filing for bankruptcy has a major negative effect on your credit, which as you probably already know can effect a lot of your future money issues. Bankruptcy, whether chapter 7 or chapter 13 stays on your credit report for at least 7-10 years after filing and just because it is off does not mean that your score will automatically increase-that is something you have to work for!

User Avatar

Yes. I co-signed for an auto loan and the other borrower filed bankruptcy without notifying me. I was in the process of buying a home and before I went to settlement they pulled my credit again and her bankruptcy came up - preventing me from getting the house. So yes it will affect your credit because it will show up on your credit report that that person has filed for bankruptcy.

User Avatar

It doesn't... They just filed for chapter 11 bankruptcy... For now they will remain open!

User Avatar

It is never a good idea to lie on a credit application, so if it asks if you ever filed bankruptcy, you can't say "No" just because the 10 years expired. However, most credit apps say "Have you filed bankruptcy in the past 10 years," in which case you could answer "no" since it has been over 10 years since you filed. And, even if it does ask if you have ever filed and you say "yes," it is unlikely that a bankruptcy from over 10 years ago will have much if any effect on your ability to get the loan. Every mortgage lender I've asked has said that after two years from the filing date of a bankruptcy, the bankruptcy is no concern. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!

User Avatar

No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.

User Avatar

I just received a letter stating that the following filed for bankcruptcy: Technet Global Service in Victory, NY I received the same letter - Fischette, correct? Are you convinced they have closed their doors?

User Avatar

Although many vendors are holding outstanding receivables and the business does appear very over extended, McCollister's had not filed for Bankruptcy just quite yet. With many of it's own agencies no longer accepting work until previous work has been paid, the future does look ominous.

User Avatar

you can add a creditor any time just make sure you didn't make that bill in bankruptcy the courts can dismis your case if you did make another bill in bankruptcy. talk to your lawer some times they charge a fee to add a bill.

User Avatar

There really isn't much difference in these cases. The difference is just one of how they were filed. Both are voluntary dismissals.

User Avatar

Just filed? Just like always, except one would expect that it would be something the administrator will want, along with confirming the status of the account with the IRS. The business last filing should be after it dissolves.

User Avatar

I don't know about California, but if you filed bankruptcy, you do have to answer to a Judge as to your actions, the non-payment, and/or concealment. The loan was secured by the car so if the Judge sees that the car is worth what is owed--you either reafirm and make payments or you give the car back.

User Avatar

Yes, just because a person has filed bankruptcy does not mean they are immune from lawsuits. Your may have problems collecting any settlement you may win, but the settlement will not be discharged and they will be forced to pay it when the time comes. It may be even easier to win a judgment. If they did not include you in their bankruptcy, they will not be able to discharge the debt as easily and will be required to pay the amount they had previously promised to pay you plus court costs.

User Avatar

It will probably be two or three years before you are able to open up a checking account. Bankruptcy severely effects your credit.

User Avatar

Long as you put it in your reaffirmation so that it will not be part of your bankruptcy you will be able to keep it. Same thing as with a house. Just as long as it was part of the agreement that it was not included in your bankruptcy then you are o.k.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.