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You pay the loan off in some way or make a large enough payment so you meet the banks guidelines for a loan on your own CR.

2005-01-27 11:00:45
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Is a cosigner still responsible if the first party filed bankruptcy but reaffirmed the car loan?

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.

If you filed for bankruptcy would the cosigner of your auto loan be forced to take over payment?

The answer is that the cosigner would be left responsible for taking over the payments. If the cosigner wants to maintain his or her credit rating (which is probably damaged due to your filing bankruptcy), If the consignor does not want the auto loan people to sue for any remaining balance, then he or she will need to keep making the payments. If the auto loan company sues for any remaining balance and gets a judgment, then the auto loan company will go after the assets of the consignor and or garish their earnings. attempt o seize their assets or garnish their earnings.

Is the borrower responsible for repayment of a vehicle loan two years after the cosigner filed bankruptcy and the vehicle was repossessed?

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.

Where does the co-owner sign if you want ownership of full title?

If the cosigner wants ownership of the property they must arrange to be listed on the certificate of title. You need to check at your state DMV to determine the process in your state.If the cosigner wants ownership of the property they must arrange to be listed on the certificate of title. You need to check at your state DMV to determine the process in your state.If the cosigner wants ownership of the property they must arrange to be listed on the certificate of title. You need to check at your state DMV to determine the process in your state.If the cosigner wants ownership of the property they must arrange to be listed on the certificate of title. You need to check at your state DMV to determine the process in your state.

When in bankruptcy and bank wants to foreclose on your house what can you do?

If you're officially in bankruptcy, that puts a temporary hold on foreclosure proceedings. It doesn't matter what the bank wants, by law they have to wait with all your other creditors while the bankruptcy court sorts out who's going to get paid and how much.

Can a person keep and file bankruptcy if the home is under any mortgage?

Yes he can file for Bankruptcy if he wants to depending on the situation of his property.

Does a cosigner have to have good credit?

Absolutely. The whole point to having a co-signer is the creditor wants assurance that the debt will be repaid.

Is there any way to keep the vehicle if your bankruptcy has been discharged and you have making car payments but the lender wants you to turn it in?

Are you in default of the loan contract(INS)??? Did you reaffirm the debt?? Are you CURRENT on the loan?? Contact your B/K attorney for more info.

If you are getting your drivers license will you be able to take out a loan with a cosigner?

One has nothing to do with the other. The lender doesn't care if you have a license, he wants a cosigner because you don't have a good credit record. Just getting a DL says you are not quite old enough to legally borrow money unless you have COLLATERAL.

I am going into a bankruptcy in app 1 month the bank wants to reposses the car if I surrender the car before the bankruptcy is filed will it show up as a repo or go under the bankruptcy?

It will show up as both. If the bank auctions off the car, they may come after you for a deficiency judgment. Any chance of them coming after you would be taken care of in the bankruptcy.

Can a primary signer get off the loan when the cosigner wants to take over payments?

Not likely, the lender will probably require you to refinance the loan in only the co-signers name.

Is recourse discharged in bankruptcy?

It depends upon the what type of recourse you want to discharge in a bankruptcy like secured loan or unsecured loan or something other.If you wants to know more about bankruptcy and its process then here i want to give you one site just check it out you will get all the information there.

Can a company buy back its assets after bankruptcy?

Sold is if the new owner wants to sell, sure..ut there is no right to.

Bankruptcy Lawyers Help Those Facing Financial Hardships?

Bankruptcy lawyers are there to help those persons who are experiencing extreme financial hardships. When bills mount to the sky and income is insufficient, people are in a financial hardship. They can only pay for ordinary living expenses like housing and food, but not their bills. Some cannot even make their regular living expenses; they are destitute. The law provides relief from excessive financial hardship through bankruptcy. There are several ways to declare bankruptcy, and using bankruptcy lawyers is the best way to assure that all the little details are covered properly. If a person declares bankruptcy, the bill collectors must stop calling and harassment. The person can just refer everyone who wants money to their bankruptcy lawyer. There is some embarrassment and feelings of failure when a person does decide that the only thing they can possibly do is to declare bankruptcy. However, it does provide that person with peace of mind and a fresh start. Bankruptcy will stay on the person’s credit history for up to ten years, but they will begin to see credit enticements in about two years following bankruptcy. The best thing for anyone going bankrupt to do is, after they secure their personal bankruptcy lawyer, to learn about money and how to better manage it. Yes, sometimes things happen that are not personal decisions and that are beyond a person’s control. A job may be lost, or an accident can bring on enormous bills. Many times, the bankruptcy lawyer is the one and only person who will be on that distressed person’s side to help them out of the financial hardship. Most bankruptcy lawyers will provide a free first consultation. Bankruptcy lawyers usually have a set fee they charge for handling a case, but that may vary depending on the individual circumstances and extent of the case. They will go over the entire financial situation to determine if bankruptcy is the best answer, and which type of bankruptcy should apply to the case. Bankruptcy lawyers understand the burden of financial hardships. They also know the relief that filing for bankruptcy can bring. If financial problems are ruining your life, consult with a bankruptcy lawyer.

If your car is repossessed in Illinois and the lender wants full payment can you file for bankruptcy within a certain amount of days so that your able to keep your car?

Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.

What are some reasons to reopen a bankruptcy case?

The most common reason is the filer wants to add creditors onto the bankruptcy schedule. The trustee can also ask for the BK to be reopened if they suspect that nonexempt assets were not included at the time of the original filing. There are a few other conditions in which a BK can be reopened. The discharge of bankruptcy does not actually 'close' the bankruptcy, it may remain open for an undetermined amount of time, depending on circumstances.

Will having a cosigner lower your APR or enable you to borrow more?

The lender should be looking only at your ability to repay the loan when they determine the amount they will lend, since they assume you will be making the payments. They also want to be sure the cosigner can make the payments if you don't, but they would not combine the two financial statements to determine the amount that the two of you together could afford. They may offer a slightly better interest rate, but if the lender wants you to get a cosigner, it usually means you will not get a loan without one.

If a cosigner of a car loan wants to get off the loan but it's not a good idea for the other party due to credit score can the cosigner take legal action to get off the loan?

Probably not. You, like the primary party, signed a contract as an independednt, free-thinking adult. It is assumed under the eyes of the law that you knew what your were getting into. You are as bound by contract law as the primary.

Is e mailing an old girlfriend cheating?

If you're in a current relationship, yes. Unless your current mate wants to send it too.

What is the percentage of Scotland who wants to be come independent?

Current estimate is around 23%

If a debt is not reaffirmed by a creditor is the debt discharged in a bankruptcy?

The creditor is the lender. The bankrupt is the debtor. The lender never has to re-affirm he wants to get paid back.

How do you get your boyfriend away from his current girlfriend?

If he wants to be with her then he wants to be with her. You should not mingle in other peoples relationships, how would you feel if you were with him and she was trying to break you up?

How much does a repossessed car affect your credit if you are only a cosigner?

Hello, Jamison here, On credit score==EXACTLY THE SAME You CAN try to explane it to the lender, They will listen but they wont care too much,, If its NOT REPO'd Yet put A foot in someones Behind side!!!!!!!!!!!!! If its REPO'd== MAKE THEM PAY IT OFF!!!! This is what the bank wants, And this is the real reason they want A cosigner in the first place.

Can you stay in the home you are leasing if you declare bankruptcy?

Generally..if you're renting a home and do not owe any back rent than you can stay in the home..especially if you have a lease but if you are behind in rent than you can declare that debt in bankruptcy but it is up to the landlord whether or not he/she wants to let you stay.

Can your car be repossessed after filing bankruptcy if you are up to date on payments?

On the surface, no. As long as you have not defaulted on the loan contract, there is no reason for repossession. The lender wants your money, not your car.