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Short answer, they are responsible for the debt. So, if my name was added to the auto loan only bc I was married to my ex, not to benefit by using my credit score, am I still liable? This car was repo'ed in 2003, sold for half of what was owed. In our divorce, my ex was awarded the car and to hold me free of harm from any financial obligation to that vehicle. Now, he filed for bankruptcy. Is this going to come back at me? Thanks Erin

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βˆ™ 2009-05-13 18:02:57
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Q: What happens to a co-buyer of a vehicle if the primary files bankruptcy?
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Related questions

Does the buyer have to be at the trade of a vehicle when cobuyer trades?

Yes


How can a co-signer file bankruptcy on an unpaid vehicle without interfering the credit of the primary signer?

By listing the creditor on the bankruptcy schedules.


If the cobuyer of a vehicle that was repossessed is going to reclaim the vehicle how does he get a clear Texas title without the other's name on it?

Make the idea known to the lender BEFORE you proceed. get it claer what is to happen.


What happens to a vehicle when the title is held by two persons who are not married and one person files bankruptcy?

Vehicles are considered secured property and the debt is not dischargeable in bankruptcy action. The situation cited would not place the vehicle in jeopardy depending upon the way the vehicle title is worded and the exemption status. In such a case it is highly unlikely the bankruptcy trustee would order the vehicle sold. That being the case any decision concerning the vehicle would belong to the lender not the bankruptcy court.


What happens if car dealership files bankruptcy how do you pay for vehicle?

If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.


What do you keep in a bankruptcy?

It is a myth that you will lose everything if you file for bankruptcy. While the bank is allowed-under Chapter 7-to liquidate assets, there are number of exemptions including tools of the trad exemptions, primary vehicle, and others.


Can a creditor sell a repossessed vehicle they have had in their possession if the debtor files bankruptcy?

Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.


If a vehicle was voluntarily surrendered and sold can collection on the difference be stopped with bankruptcy?

With new bankruptcy laws that is no longer possible. If the person files for bankruptcy and includes the vehicle they will have to pay the entire amount of the loan.


If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?

you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.


Can a car be repossessed if a primary buyer files bankruptcy and the co-buyer has possession of the car but falls behind on payments and the court rules that the vehicle belongs to the lendor?

yes


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.


Can you file bankruptcy on a loan for a vehicle?

Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.

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