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Answered 2005-11-06 14:24:35

If the account is joint both spouses are liable for the debt and subject to collection actions. If one spouse is a single account holder and the other is only an authorized user, only the account holder is responsible for the debt. This is assuming the question refers to credit card or open account debt, not a morgage, vehicle, or other secured lender. Disability benefits whether SSD or private are not subject to garnishment by creditors in the state of Florida.

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If a co-signer files bankruptcy what happens to the primary signers credit if they continue to pay the loan?

Nothing. The primary is all that is concerned. If signer and co-signer are, were, or will be married - that's different. If either the co-signer or the signer is or was dependent to the other, that's different too, but only if it is regarding your current income. Basically, if you pay the bills, you have good credit.


What if that person refuse to refinance the car in there name so the other person can get off the loan?

The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.


Who is responsible in Florida for rent- signer or cosigner?

Both are equally responsible. If one doesn't pay the other will be responsible. That is what "co-signing" is all about. The co-signer guarantees the rent will be paid.


If you have no credit and just bought a new car with the help of someone else should you be the co-signer and the other person be the primary owner?

No, you are the borrower, but the bank is only letting you borrow because the co-signer has promised to pay if you don't.


What are the obligations of a co-signer?

Co-signers are in fact co-borrowers and are jointly and severally liable for the loans. A co-signer guarantees the lender that if the primary borrower does not make payments, the co-signer will assume the loan obligations and make payments on it in the primary borrower's place. a cosigner of a car? because if they dont pay there car bills they will come after you for the money. and if you dont have it to pay they will reposses the car and you and the other persons credit is down the drain To pay the bill if the 1st signer defaults. If you don't pay, then your credit is ruined so be careful of who you cosign for. Be sure you can trust them and that they are responsible.


What happens if co-signer of a student loan dies?

The other signer is responsible.


Can a co-signer on a jewelry account assume responsibility of the account because the primary isn't making the payments?

Yes most definitely its like any other loan if it doesnt get paid by and means it affects the signer and co-signers credit rating


What is a co-signer?

There are two separate meanings for co-signer although the latter is the one most often referred to in questions about co-signing:As a co-borrower:A co-signer/co-borrower/co-maker has an equal liability with another. This is in contrast with a guarantor who is liable only if the primary obligor defaults.As a guarantor:A co-signer as guarantor is a third party to the loan who guarantees the loan will be repaid thus reducing the risk of the lender. This co-signer is the person, other than the primary borrower, who signs for the loan and assumes equal liability for the loan. However, the guarantor/co-signer only has a contingent liability. That means they guarantee the loan will be repaid and if the principal borrower defaults the co-signer will be responsible for paying the loan. This is a risky transaction for the co-signer since they are required because the principal borrower has poor credit or no credit and there is a greater chance they will default.


If you rent furniture and you require a co signer and you don't return the furniture will the co signer be held accountable as well?

Yes. That's the purpose of a co-signer, to guarantee the conditions of the contract in the event of default by the other signer.


Can a person with no income other than disability and who owns nothing be taken to court in Florida for a debt collection due to cosigning a car loan?

2004->Ch0077->Section%20041#0077.041">Florida Law No. Diability benefits whether SSD or private disability insurance is exempt from creditor actions.


What are the pros and cons of being a co-borrower on a mortgage application as a homemaker with debt?

If this was my call I would not do it there are no pros to this topic.If the primary signer bails you are in deep doo doo. Whoever the lender is they see something on your credit report that they can sieze from you if the primary signer is unable to pay. the other con is that the lender will show up as an inquiry on your credit report which will hurt your score


Legal age to move from primary parent home to the other parents in Florida and Alabama?

see link


What if you cosign for a loan and the purchaser dies?

Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer, who may be called primary signer). No difference.So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.If primary dies, the estate of the primary must handle all his debts (sell car, use assets to pay debts, etc) or you remain responsible.


Can a cosigner register a car without the primary owner?

A "co-SIGNER" generally relates ONLY to the loan papers. Being a co-signer on the loan does not signify any ownership of the vehicle. If you are on the title of the car as the co-OWNER, THEN either you or the other co-owner should be able to register the car.


Does a co-signer have to have permission from the Primary Account Holder to be taken off of a car loan?

A co-signer of a car loan needs the permission of the lender to be taken off the loan. That is not likely to happen since the lender wants as many sources as possible for repayment of the loan. Each co-signer is responsible for 100% of the loan. If one doesn't pay the other will be held responsible.


Can the primary borrower be unemployed and only the co-signer be employed to qualify for a vehicle loan?

That's up to the lender. However, this situation should raise a big red flag for the person who has agreed to be the co-signer. A co-signer is equally responsible for paying the loan. If the primary borrower fails to pay the co-signer will be held fully responsible for paying the balance of the loan even if the primary wrecked the car or lost it by some other means. If there is a default on the payments the credit records of both will be ruined. Co-signers should think before taking on financial responsibility for someone with a poor credit record or someone who doesn't have a steady job or someone who cannot afford to buy and maintain a car. The bottom line is, if you need a co-signer, you should not be buying a car. Take the bus or ride a bike.


Can a co-borrower on a mortgage refinance without the land owner's consent?

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Can a private party co-signer repossess an automobile from the primary loan signer?

Co-signor repo?? NO, NO, and again NO. As co-signor, you ONLY guarantee that YOU will pay the loan. It gives you NO other rights to possession. IF, IF, IF you are listed on the TITLE as co-OWNER, you may take possession. ONLY if you are on the title. GOOD LUCK.


Can you sign a lease if you need a cosigner for an apartment and the cosigner has not yet agreed to cosign?

The other party (lessor) won't accept the lease if they have already told you that you require a co-signer.The other party (lessor) won't accept the lease if they have already told you that you require a co-signer.The other party (lessor) won't accept the lease if they have already told you that you require a co-signer.The other party (lessor) won't accept the lease if they have already told you that you require a co-signer.


If you are a cosigner on a house and the person does not pay are you responsible?

Absolutely, just as financially obligated as the primary contract singer. As a co-signer, you agree to become financially obligated should the other party default for any reason. You don't then get the house, by the way, only the payments. That's why it's wise to NEVER be a co-signer for anyone.


Does cosigner have a right to copy of contract written by the lender?

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Can you file bankruptcy even if someone else has cosigned with you?

Yes. You can file BK. The lender will then go after the co-signer for payment. In other words, the co-signer learns why the lender required a co-signer in the first place.


How do you take a name off car loan when the other signer is in prison?

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You are the co signer but have made all payments can the primary take the car?

Yes. The primary and the cosigner are equal owners of the vehicle. If all things are equal, and the loan is current, and one of the contract parties takes possession of the vehicle over the other, it is a civil matter and must be decided by a judge.


How do collection agencies collect money from the co-signer?

If the person who borrowed money got someone to co-sign on a loan (or other items), and the person who is responsible for the payment doesn't pay, then the bank goes after the co-signer. This creates a huge problem for the poor co-signer who helped their friend. If the co-signer doesn't pay their credit is also ruined.