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What are your responsibilities as a co-signer on a car loan if the primary owner filed bankruptcy and you were notified today that the car is to be auctioned in 6 days?
Wiki User
∙ 19y ago
YOU'RE ON THE HOOK. HOWEVER, I BELIEVE AN ARGUMENT CAN BE MADE FOR THE "LESS THAN PROMPT" NOTICE. NORMALLY YOUR STATE VEHICLE CODE WILL REQUIRE 30 DAY'S NOTICE TO ALL INTERESTED PARTIES. YOU QUALIFY AS CO-SIGNOR.
Wiki User
∙ 19y ago
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Will a cosigner on a mortgage be notified if a borrower files for bankruptcy?
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 a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?
Yes. If you signed the loan, you are still legally responsible for it.
If you voluntarily have a chapter 13 bankruptcy dismissed will your creditors be notified of the dismissal?
Yes. If you voluntarily have a chapter 13 bankruptcy dismissed, your creditors will be notified of the dismissal.
How do you stop a creditor from updating the account that is included in bankruptcy?
Make sure the creditor was notified that their debt was included in and discharged through your bankruptcy. Once notified, they cannot legally update a trade line.
How should you be contacted if the car you cosigned on is being sold?
In a few states both the primary borrower and the cosigner must be notified by the lender through a "Right To Cure" notice before repossession action can occur. In Wisconsin a replevin order is necessary before a repossession can take place, but the cosigner is not always notified. In the majority of states the lender does not need to give either the primary or the cosigner notice of repossession action.
If you sue and get a judgment and then the other person files bankruptcy to keep from paying you will you be notified so you can object to it's inclusion in Bankruptcy court?
You should be.
Can I save on my taxes by giving a vehicle donation to charity?
You can take a deduction for the price at which the donated vehicle was auctioned on behalf of the charity. The charity to which you donate will arrange to have the car auctioned. The charity will be notified of the money raised by the sale. You will then receive this notification. This is the amount you can use as a deduction.
Shouldn't you been notified from a collection agency that they would charge off an telephone bill if you co-signed for it for someone else?
It would depend on the agency's established collection procedures. Usually the cosigner is notified after all attempts to collect from the original debtor have failed. The CA will then attempt to collect the debt from the cosigner before deciding whether to inititate legal action.
Can the primary on a car loan have the cosigner's name taken off the loan without the cosigner's permission or knowledge?
IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.
If you filed bankruptcy in Illinois and have not made a car payment this month but notified the bank of the bankruptcy will the car be repossessed or will you be notified to return it?
If you are not going to reafirm the loan, in other words- keep and pay for the car, then yes the bank will want the car back. Usually they will try to get the car back shortly after your 1st court date when the court has oked your petition to go thru bankruptcy.
Can a debt collector still collect your debt if you file chapter 13?
No they cannot, as long as you included them in your bankruptcy. They would be in violation of Federal Law, and liable to suit and possible penalty from the bankruptcy court. The bankruptcy attorney, or the trustee should be notified about any collections on a bankruptcy account.
Must the lender notify the cosigner of intent to collect on a default?
The cosigner was probably "notified" that any funds held by the lender would be attached at the time the loan was signed. In order to garnish wages or place a lien on other property, the lender would have to go to court and obtain a judgment, in which case the cosigner would have received a summons from the court.
