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Will the credit of the co-owner but not cosigner of your car be affected if you file bankruptcy?
Wiki User
∙ 20y ago
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
Wiki User
∙ 20y ago
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Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
If one files bankruptcy and has a co-signer will if affect their credit rating?
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.
Does the credit of the cosigner gets affected if car is not paid?
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
If the cosigner on a car loan files bankruptcy what will happen to the other persons credit?
The creditor will seek repayment of the car loan from the cosigner. As long as the cosigner pays, their credit will not be affected. However, if they are unable or unwilling to pay, the debt will be pursued like any other bad debt, and it will affect their credit rating.
If one files bankruptcy and has a co-signer will if affect their credit rating?
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.
Does the credit of the cosigner gets affected if car is not paid?
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
If you have filed bankruptcy can a cosigner help you get a credit card?
yes and so will $400 as 'security" deposit.
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
How is your credit affected by a chapter 13 bankruptcy verses a chapter 7 bankruptcy?
Both have the same negative impact on your credit.
What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
When getting a loan with a cosigner does the credit check go off of the cosigners credit or the borrowers credit?
The credit of the primary borrower(s) and the cosigner(s) are equally affected (positively or negatively) and both are subject to the credit history check and evaluation.
If you are a cosigner on a car loan and the bank reposses how long is your credit affected?
Seven years.
Can you co sign on a house after bankruptcy?
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.
