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What happens when a collateral is under someone elses name and they sell it then you apply for bankruptcy?
Wiki User
∙ 15y ago
By using the term collateral, it means there is a lien on the property or title..like a car title shows the lender as a lienholder. You cannot sell it and give ownership without habing the lienholder remove the lien. And of course what your talking about happens everyday...if it isn't/wasn't in the name of the one filing BK, it makes no difference..it isn't his. Lots of people sold things today and lots of people filed BK today...they are different people and one doesn't effect the other. And of course, what you would be planning is criminal fraud...and any transaction done for at least 2 years before filing BK will be examined and may be reversed by the court. Do you really think your going to loophole the BK laws? Something that has an entire Court system, thousands of thousands of lawyers practicing it for decades? Gee, no they haven't heard/seen/dealt with whatever you could come up with, and probably much better (since what your suggesting is more than foolish, but plainly shows no understanding of financing and lending), maybe a million times...literally?
Wiki User
∙ 15y ago
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What happens if a loan is in default and the co-signer who put up the collateral is deceased?
The person who was "cosigned for" is still liable and the collateral is still collateral, it's just owned by the estate now. Same laws still apply
Can you apply for a student loan after a filing for bankruptcy?
Only if the bankruptcy is currently discharged.
What happens to your credit if you marry someone who has filed bankruptcy in the past?
If the couple apply for any type of joint financing such as a home morgage it could create difficulties. Other than joint financial transactions the credit of the spouse who was not a party in the BK will not be affected
Can you apply for an apartment while in bankruptcy?
Yes
CAN I QUALIFAY FOR A HOUSE LOAN IF I HAD CHAPTER 13?
Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.
Can you apply to become an attorney if you have personally filed for bankruptcy in the past?
Yes, but you have to provide a copy of your bankruptcy file.
Does a co-applicat have to be related to you?
No. Anyone may apply for any credit jointly with someone else. They may require that you co-own or are on title for any collateral used to secure the loan.
Can you file a bankruptcy an still apply for us citizenschip?
I think yes..there is no relationship between filing bankruptcy and apply for citizenship.filing bankruptcy is a personal issue its not a any crime or what.its true that it will be remain in your name for some years but it does not affect on your citizenship.
Can an old creditor ask for money if you did not include them in a Bankruptcy?
Yes. If they were not included then the bankruptcy doesn't apply to any debt owed to them.
How can one declare corporate bankruptcy in the UK?
To be considered bankrupt, a court has to issue a bankruptcy order against you. One can apply to the court for bankruptcy if they are unable to pay their debts.
Can a creditor apply bankruptcy for a 7500 amount?
Creditor don't apply for bankruptcy...debtors do. Bankruptcy is not for any particular item...it must be for everything you owe and everything you owe. All of the last is used to pay all of the first, and then any excess MAY be reduced or dissmissed.
How long after a bankruptcy can you apply for credit?
Do not worry about applying for credit after bankruptcy. The applications will come to you before the ink on the court documents has dried.
