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What do you do when your cosigner declares bankruptcy and the bank wants to repo your car which you have kept current?
Wiki User
∙ 19y ago
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.
Wiki User
∙ 19y ago
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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.
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.
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.
What does the President use to inform Congress about the current status of the country?
whenever he wants to! whenever he wants to!
