Assuming this is a straight bankruptcy, the mortgagee would lose the money that is owed to it on the mortgage loan. A bankrupt person or corporation loses all of his/her/ its assets to the Trustee in Bankruptcy so that the Trustee can liquidate those assets and distribute the net proceeds to the creditors. The mortgage loan is an asset which is then sold to the highest bidder along with the mortgage lien. The mortgage holder will now make the mortgage payments to whoever purchased the mortgage loan from the bankrupt estate. The mortgagee is left with nothing.
They both go bankruptcy
if the consigner files bankruptcy can the borrower take the car
They can be changed by the Court.
your wages still garnished
Need the right answer
For any joint debts, the creditor will come after the spouse who has not filed bankruptcy.
It depends on the way the house is included in the bankruptcy. If the mortgage is up to date and the landlord is reaffirming the mortgage, there should be no effect. If the landlord is abandoning the property to the mortgagee, you will either get a notice to start paying rent to the mortgagee or a notice to quit or both. Talk to a bankruptcy lawyer right away, as there are some things you may be able to do to delay things or get help moving.
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.
Banks are insured up to 100,000.00 by the government.
Nothing, the ticket is not a debt and would not be included in their bankruptcy. The ticket should still be good.
The primary would be held liable for the debt.
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.