Best Answer

I believe so. I would check with They are both excellent with consumeradvice.

User Avatar

Wiki User

โˆ™ 2011-09-12 21:56:52
This answer is:
User Avatar
Study guides
See all Study Guides
Create a Study Guide

Add your answer:

Earn +20 pts
Q: If you have a car loan and your co-signer just filed bankruptcy will this effect you?
Write your answer...
Related questions

Has geritom medical filed for bankruptcy?

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

Can you file for divorce after filing bankruptcy?

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.

You just filed for bankruptcy and also got your 2008 refund will that be added to income in2009?

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?

Can you buy a house if you have filed for bankruptcy?

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.

If you have already filed bankruptcy but have not been to your hearing yet can you add a medical bill that has just happened to the bankruptcy?

No, only pre-petition debts may be discharged in a bankruptcy.

How do you go about renting a house if you just filed bankruptcy?

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

How soon will a bankruptcy discharge show on a credit report?

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.

How hard is it to get a mortgage after chapter 13 discharge?

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.

If you filed a chapter 7 bankruptcy can you get a series 6 or 63 securities license?

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

If you are a co-borrower on a mortgage and the other co-borrower has just filed bankruptcy will this affect your credit rating?

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.

How long does a discharged Bankruptcy stay on your record if you filed in 2003 in California?

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!

When does Six Flags close in St. Louis?

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

If it has been ten years since my bankruptcy filing must I reveal that I have filed for bankruptcy in the past if asked for credit purposes?

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!

Does a cosigner have to have a job?

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.

Has McCollisters Transportation filed bankruptcy?

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.

How long do you have to add a creditor after a bankruptcy has been filed?

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.

If I filed for bankruptcy months before my house was going to go into forclosure & the bankruptcy was complete,then my house was just about to go into forclosure can I still apply for the Obama mrtge relief plan even though I listed my house in the bnkrpc?

Yes, you can still apply for Mortgage Relief after filing bankruptcy.

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.

How do you file income tax after you have filed a chapter 7 business bankruptcy?

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.

In California would the debtor who just filed bankruptcy be arrested for concealing the car on which he stopped making payments?

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.

Should the creditor report the payments made by the cosigner after the borrower has filed bankruptcy to the credit bureau?

I'm really not sure the answer to your question. However, I'm in a similar situation and wonder if you could answer some questions I have. I will try to give a shot at answering your question though. Has the bankruptcy been discharged? Because if it hasn't the person is still under the protection of the automatic stay of the bankruptcy court and the creditor would not report during that timeframe. A suggestion, you may want to refinance the vehicle in your name and change the titling information to reflect just your name - so that the person could not come and get it.

Can you file bankruptcy on Sally Mae student loan?

No. Under no bankruptcy scheme will student loan obligations be dischargeable. Rather, they will remain with you until they are paid off and just because you have filed for bankruptcy does not mean that the loan interest rates will stop either. This is a debt you should attend to as soon as you can and if it is a major reason for your filing for bankruptcy then I urge you to reconsider and speak with an attorney first.

Can you take a person who filed for bankruptcy to court?

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.

You just filed chapter 7 bankruptcy you told them you did not want to keep your car so after you give it back will you be responsible for the remaining balance if it doesnt sell for how much you owe o?

If it was a part of the bankruptcy process, no, you aren't responsible. But it has to be specifically spelled out in the petition.

If you just filed for bankruptcy and are on Chex systems and can not get an account how long do you need to wait before you can open a new checking account?

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