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if the consigner files bankruptcy can the borrower take the car

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โˆ™ 2014-03-27 18:59:40
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Q: What if happens if you cosigned for car loan and the borrower files for bankruptcy?
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What happens to the co signer if the borrower files bankruptcy?

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.


What happens when someone you cosigned a mortgage for has filed for bankruptcy?

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.


What happens if a co signer files bankruptcy?

They both go bankruptcy


Can the primary borrower continue paying car loan if co-signer files chapter 7 bankruptcy?

Has to


If your estranged spouse files bankruptcy and you cosigned should you make payment arrangement file bankruptcy or wait for SOL to expire?

Thats a decision YOU have to make. Please consider the effects on your credit for each choice. Having to make that decision is a result of not considering it b4 you cosigned. Good Luck


If you cosigned a car note for a friend and he gets into an accident and a legal lawsuit and then files bankruptcy what responsibility do you have?

It becomes your financial resposibility to satisfy the note.


If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?

Yes. If you default on your car loan you will remain liable for the debt.


Will a cosigner on a mortgage be notified if a borrower files for bankruptcy?

They should be, however if the petitioner does not list, they may not be notified. However, there are ways to verify if a petitioner has filed for bankruptcy.


If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?

Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.


When a company files bankruptcy what happens to the union contracts?

They can be changed by the Court.


What happens when the ex spouse files bankruptcy after you divorce?

For any joint debts, the creditor will come after the spouse who has not filed bankruptcy.


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.


A friend files for bankruptcy One item included in the filing for bankruptcy is a judgment regarding an unpaid bill you cosigned for a lease on an apartment How does this affect you?

You become the only person responsible for the debt. Your friend's obligation to pay the judgment ends once your friend gets his or her discharge order from the bankruptcy court.


If the cosigner on a student loan files bankruptcy is he still liable for the student loan he cosigned?

bankruptcies do not wipe out student loans by federal law, unless you can prove extreme inablilty to repay them


What happens to your wage garnishment when the company files bankruptcy?

your wages still garnished


What happens when a business is owed money by a company that files for bankruptcy?

Need the right answer


What happens to your ticket when an airline files bankruptcy?

Nothing, the ticket is not a debt and would not be included in their bankruptcy. The ticket should still be good.


What happens to your money if your bank files for bankruptcy?

Banks are insured up to 100,000.00 by the government.


Is the cosigner the only one responsible on the loan?

The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).


Dose it hurt your credit if a cosigner files bankruptcy on there car?

If you have co-signed and the primary borrower has defaulted, you will need to step up and pay. If not then it will hurt your credit rating.


What happens when in bankruptcy and debtor files bankruptcy?

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.


What happens to the primary if the co-owner files for bankruptcy?

The primary would be held liable for the debt.


What happens to employees whose company files for bankruptcy?

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.


What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?

Her mortgage liability will be discharged.


If someone owes you money and you have a promissory note signed and notarized can that person claim the promissory note in a bankruptcy?

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.

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