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.
yes and so will $400 as 'security" deposit.
Nothing unless they filed on your loan.
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
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.
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.
Yes You Can. This Leaves A Mark On Your Credit Report, Plus Since You Did Not File; You Now Are Responsible For The Debt. NEVER EVER COSIGN++++++++++++ MONEY 101 * Probably not. If the debt was discharged in bankruptcy then it is not subject to collection procdures including a lawsuit. In some state filed BK's a cosigner has protection in this area if specific circumstances exist.
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.
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
It depends on how long ago the bankruptcy was filed and what it was for. If the co-signers credit is above the standards of the particular place that you're talking about, then there should be no problem.
There is a six year limitation for BK filing. Bankruptcy will delay but not stop foreclosure on secured property, unless the debt is reaffirmed with the lender.
Normally, as a secured creditor he would get to repossess and sell the car to recover as much of what you owed. Or if you reaffirmed the debt, then the lien stays as does your obligation to pay.
You will be responsible for the loan payments
Yes, that's exactly how it works. If you'd paid for the vehicle at the time of the co-signers bakruptcy you could have kept the vehicle and improved your credit. The creditor wants you to either pay for the remainder of the note or file bankruptcy yourself. * A loan for a vehicle is considered a secured debt and is not dischargeable by the primary borrower(s) or cosigner(s) in bankruptcy action. All parties named on the loan agreement are responsible for the debt unless the SOL for the state in which the vehicle was either purchased or the debtor resides has expired.
do you know if kaiser permanente filed bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.
In his books he states the he has filed bankruptcy twice.
No. No state has ever filed for bankruptcy. States are not coverd by current U.S. bankruptcy laws.
Tracy McGrady filed for bankruptcy in January of 2014