A person should be absolutely truthful in everything they include in their bankruptcy petition. They should always keep in mind they are presenting evidence under oath. Any information that is given that is intentionally false or misleading can result in the dismissal with prejudice of the bankruptcy, and possibly other penalties. It is also a criminal offense,though criminal charges are seldom brought. The truth might be embarrassing, but it is the only safe and ethical option.
How will this affect my credit score? How much does it cost? What can I declare in the bankruptcy? How long will it take?
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.
Yes
You should be.
You would only need to report the winning ticket if the bankruptcy was not discharged.
Bankruptcy does not void the judgment. It simply makes it noncollectable because it was discharged in the bankruptcy like any other debt.
Yes, if the bank holding the account allows it. When a person files for bankruptcy, depending on the type of bankruptcy you filed.
With new bankruptcy laws that is no longer possible. If the person files for bankruptcy and includes the vehicle they will have to pay the entire amount of the loan.
A person that files for bankruptcy will more than likely have their credit score decline. This will not make them a good candidate for being a cosigner.
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.
They both go bankruptcy
They can include it, but the creditor/landholder can file a relief of stay to have the debt excluded from being discharged in the bankruptcy. The decision of what debts are to be discharged are determined by state and/or federal law and the bankruptcy judge.