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You are a cosigner and the debtor has filed chapter 13 what happens to your obligation?
Wiki User
∙ 16y ago
You are protected during the term of his bankruptcy. If he does not resolve the debt under it, you will remain responsible.
Wiki User
∙ 16y ago
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What are the benefits of a cosigner?
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
What are the benefits of cosigning?
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
What is the difference in a cosigner and a guarantor?
A cosigner signs the debt agreement and the lender can demand payment from both the debtor and the cosigner. A guarantor does not sign and the lender needs to go through the debtor before demanding payment from a guarantor.
If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
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.
What is the party called responsible for payment an obligation?
The debtor is the party responsible for payment obligation on an account.
How many times can I file chapter 7 if I am medically disabled?
Your medical condition is irrelevant. Medical bills are handled as being eqyually as important an obligation as any other. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
What is a discharged bankruptcy?
In a chapter 7 it is a total liquidation BK, that has been found valid and has been approved. Therefore the debtor(s) are discharged from the debt(s) that were included in the BK. A discharged BK is not the same as a closed BK. If it is a chapter 13, it indicates that the debtor(s) have fulfilled their obligation of repaying the amount to creditors that was ordered in the BK. After the trustee's audit a chapter 13 is considered closed
Does the bankruptcy co-debtor stay apply to a joint debtor?
The co-debtor stay is applicable in chapter 13.
What chapter proceeding the debtor surrenders his nonexempt property for division among his creditors?
The chapter that typically follows a debtor's surrender of nonexempt property for division among creditors is Chapter 7 bankruptcy. In Chapter 7, a trustee is appointed to liquidate the debtor's nonexempt assets to pay off creditors.
How soon after a discharged chapter 13 can a person file a chapter 7?
Under the bankruptcy law effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
Is a cosigner liable for an automotive repossession in Michigan?
When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.
What happens if your chapter 13 case is dismissed in California?
Creditors can resume collection procedures against the debtor(s) including lawsuits to recover monies owed.
