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Will the the credit of the co-owner affected if a co-signor files bankruptcy?
Wiki User
∙ 19y ago
No. The co-signer is no longer responsbile for any part of the loan. If you default, the creditor can not attempt to collect from them.
Wiki User
∙ 19y 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.
Will your credit rating be affected by your partner filing bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Does business bankruptcy affect personal credit?
If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.
Will the credit of the co-owner but not cosigner of your car be affected if you file bankruptcy?
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
How will your credit score be affected when the bankruptcy drops off?
That depends on, what's on your credit bureau file. The score will look at the age of your credit cards, balances and payment history
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.
How is your credit affected by a chapter 13 bankruptcy verses a chapter 7 bankruptcy?
Both have the same negative impact on your credit.
Will your credit rating be affected by your partner filing bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Does business bankruptcy affect personal credit?
If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.
Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?
no
If you marry someone who files bankruptcy to get rid of debt from his first marriage will your credit be affected even though nothing is in your name?
Your personal credit will not be affected if your spouse files bankruptcy alone. Be careful though in future transactions if you apply jointly for credit later... it will show up there.
Will the credit of the co-owner but not cosigner of your car be affected if you file bankruptcy?
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
How will your credit score be affected when the bankruptcy drops off?
That depends on, what's on your credit bureau file. The score will look at the age of your credit cards, balances and payment history
If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
Does personal bankruptcy effect business credit?
In a Proprietorship, the personal bankruptcy of the proprietor may cause shut down of business. Whereas in Partnership and Joint Stock Companies, bankruptcy of Partners, Directors effects business credit immensely as bankers become shy in extending further credits to the company.
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 you walk out of an apartment lease can your roommate be affected by bankruptcy?
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