The company wants their money so if the primary doesnt pay then the cosigner must. Their is no way of getting around this. Bankruptcy should be outlawed. If you cant afford things dont take on the debt.
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.
The cosigner will be the person who will be held responsible for paying any deficiency depending upon when the BK was filed. If the BK was filed under the new bankruptcy reform laws the cosigner can be held responsible for the entire amount of the loan.
You are protected during the term of his bankruptcy. If he does not resolve the debt under it, you will remain responsible.
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
Nothing unless they filed on your loan.
yes and so will $400 as 'security" deposit.
No
They should be, however if the petitioner does not list, they may not be notified. However, there are ways to verify if a petitioner has filed for bankruptcy.
I am in the same boat due to illness and I am looking for a co-signer so I can rent an apt. The bankruptcy has been discharged per the court, and it is hard to rent an apartment sometimes with a co-singer. Everyone has different rules. I believe if you filed a bankruptcy, then had a co-signer, it would have no effect on them, only what you do after they co-sign
If you are a cosigner on a loan, you are responsible for the debt of the loan if the primary signed defaults on the loan. So, yes you can be called to pay on the loan by the creditors.
In most cases. yes.
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.