If an individual is a co-signer on a loan in which the primary buyer defaults, the co-signer is then responsible for the remaining payments of the loan. It is important to know the financial strength of an individual before co-signing for them, as their default could lead to many financial issues for the co-signer.
The primary would be held liable for the debt.
The co-signer would then be liable.
No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy
Has to
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
If your thinking you no longer have to make payments, your wrong. Your responcibility to the company is the exact same, it doesn't change because they filed for bankruptcy.
It becomes your financial resposibility to satisfy the note.
I'm not an attorney, but I seriously doubt it. What sense would that make?
No. It only affects the lender ability to get paid if the primary borrower defaults.
if the consigner files bankruptcy can the borrower take the car
If the pastor files for personal bankruptcy, no - the church fund can't be touched. If he files bankruptcy ON BEHALF of the church, then any and all funds and assets of the church can be affected.