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.
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.
They both go bankruptcy
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
It becomes your financial resposibility to satisfy the note.
Yes. If you default on your car loan you will remain liable for the debt.
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.
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.
They can be changed by the Court.
For any joint debts, the creditor will come after the spouse who has not filed bankruptcy.
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.
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.
bankruptcies do not wipe out student loans by federal law, unless you can prove extreme inablilty to repay them
your wages still garnished
Need the right answer
Nothing, the ticket is not a debt and would not be included in their bankruptcy. The ticket should still be good.
Banks are insured up to 100,000.00 by the government.
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).
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.
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.
The primary would be held liable for the debt.
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.
Her mortgage liability will be discharged.
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.