If you are talking about someone who cosigned for your loan filing bankruptcy, As long as you continue to make your payments on time, nothing will happen. If you are talking about someone you cosigned for taking bankruptcy, you may very well have to pay this loan. Contact the lender.
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.
if the consigner files bankruptcy can the borrower take the car
They both go bankruptcy
Yes, co-signer means obligated as a guarantor of the note, but the federal bankruptcy can excuse the obligation as part of the settlement.
Has to
The co-signer would then be liable.
The loan becomes at worst like a single-signer loan. You are free to refinance or pay it off. Which you were, anyway. The only entity affected by the bankruptcy of a cosigner on a loan is the lender.
A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.
No. It only affects the lender ability to get paid if the primary borrower defaults.
No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy
The lender can go after the co-signer. If you are the co-signer you should consult with an attorney who can review the situation and explain your position.
Nothing. The primary is all that is concerned. If signer and co-signer are, were, or will be married - that's different. If either the co-signer or the signer is or was dependent to the other, that's different too, but only if it is regarding your current income. Basically, if you pay the bills, you have good credit.
unfortunately you will be stuck paying the bill.