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Is there any way to save your credit score if someone you co-signed for is declaring bankruptcy and you can't cover the loan?
Wiki User
∙ 19y ago
Sorry, no there isn't. This is one very good reason a person should be completely informed when considering becoming a co-signer. If the primary borrower defaults and the co-signer cannot honor the debt they both will have big problems, including serious damage to credit scores/reports.
Wiki User
∙ 19y ago
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What steps can people in credit card debt take to reduce their debt without declaring bankruptcy?
Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.
Can you remove a bankruptcy dismissal from your credit?
No. Backruptcy will always appear on your credit. After 7-10 years your credit will be as good as someone who has not filed bankruptcy.
What does becoming bankrupt prevent you from doing?
Declaring bankruptcy prevents you from using credit cards, obtaining credit over $500 without contacting the creditor, and making payments directly to your creditor. Declaring bankruptcy is a very serious matter and is one you shouldn't choose to do without a lot of consultation on your financial providers part.
Can credit cards be used after someone files for bankruptcy?
Sometimes credit card charges are not included in bankruptcy. If they are then you will no longer be able to use them.
What happens if my mom cosigned on an auto loan and I file for bankruptcy?
Your mom will be responsible for the debt and if she does not pay it could affect her credit, she could be placed with a collection agency or sued in court.
Where can one get a car loan after declaring bankruptcy?
You can receive a car loan after declaring bankruptcy by applying to any bank that offers the option. However you might have to rebuild your credit score first, or just have a co-signer with amazing credit.
How long must one wait to get a loan on a new car after declaring bankruptcy?
To get a loan on a new car after declaring bankruptcy, you have to wait until you can rebuild your credit. You can rebuild your credit in as little as 2-3 years if you work at it and start out by building up your credit with small things.
What steps can people in credit card debt take to reduce their debt without declaring bankruptcy?
Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.
If your estranged spouse files bankruptcy and you cosigned should you make payment arrangement file bankruptcy or wait for SOL to expire?
Thats a decision YOU have to make. Please consider the effects on your credit for each choice. Having to make that decision is a result of not considering it b4 you cosigned. Good Luck
What are two strategies you could use to get out of credit problems without declaring bankruptcy?
debt consolidation or debt negotiation
Should I seek out the services of credit counseling to handle my bankruptcy?
Credit counseling can be useful to use before declaring bankruptcy. They can help you manage your debt, develop a realistic budget, and formulate a plan to negotiate payments.
Can you remove a bankruptcy dismissal from your credit?
No. Backruptcy will always appear on your credit. After 7-10 years your credit will be as good as someone who has not filed bankruptcy.
What does becoming bankrupt prevent you from doing?
Declaring bankruptcy prevents you from using credit cards, obtaining credit over $500 without contacting the creditor, and making payments directly to your creditor. Declaring bankruptcy is a very serious matter and is one you shouldn't choose to do without a lot of consultation on your financial providers part.
Can credit cards be used after someone files for bankruptcy?
Sometimes credit card charges are not included in bankruptcy. If they are then you will no longer be able to use them.
What happens if my mom cosigned on an auto loan and I file for bankruptcy?
Your mom will be responsible for the debt and if she does not pay it could affect her credit, she could be placed with a collection agency or sued in court.
How can one get a car loan after bankruptcy?
There are a number of places one may be able to get a loan to purchase a car after declaring bankruptcy. Depending on how long ago the bankruptcy was declared, a number of banks and credit unions may offer one a loan.
Is it possible to find out if someone is bankruptcy?
Only when pulling their credit report.
