HomeWhat happens to a promissory note when the note holder files for bankruptcy?
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Answered 2009-07-31 03:04:45
The note becomes a part of the bankrupt individuals assets.
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Notarizing a promissory note does not give the lender any special protection if the borrower files for bankruptcy. The debt would be discharged in bankruptcy unless you could prove fraud or if you had a lien on some of the debtor's property.
They both go bankruptcy
if the consigner files bankruptcy can the borrower take the car
That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).
They can be changed by the Court.
yes, and you may be required to do so.
your wages still garnished
For any joint debts, the creditor will come after the spouse who has not filed bankruptcy.
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.
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
Nothing, the ticket is not a debt and would not be included in their bankruptcy. The ticket should still be good.
Banks are insured up to 100,000.00 by the government.
No, because an AU is not legally responsible for repayment of the debt incurred on the account.
No, authorized users are not responsible for debt incurred on such an account.
Yes. Each cardholder is responsible for the entire debt.
Your debtors BK effects your obligation to pay the same as your BK effects your creditors obligations to pay you. That is, not at all.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
The primary would be held liable for the debt.
Her mortgage liability will be discharged.
Companies that file for bankruptcy still have to pay their employees, if they have enough money. Employees are prioritized during bankruptcy procedures, so the company will have to pay for their work.
If the pastor files for personal bankruptcy, no - the church fund can't be touched. If he files bankruptcy ON BEHALF of the church, then any and all funds and assets of the church can be affected.
An authorized user, which is all you are - he is the actual card holder - is not responsible for the bill.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
You may need to consult with your own attorney. The primary borrower's bankruptcy doesn't affect your obligations as co-signer. The lender may go after you for payment.
Spousal support and child support debts cannot be discharged in a bankruptcy, so the ex spouse must continue to keep making the payments. Failure to do so can lead to a dismissal of the bankruptcy case.
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