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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 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 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 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 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?

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