0
Your mom is a co-signor on your car loan and is filing bankruptcy you have always made the payments and still owe money on the car What happens to the car Do you still make payments What happens?
Wiki User
∙ 15y ago
(Depending on where you live) You can:
1. She can elect not to include the car, and retain property of it.
2. If you are 1/2 way finished of payments you can contact the lending agency and request sole responsibility of the lien
3.Return the car to the title company
If you keep the car, you will still be held liable for the payments. If you no longer want the car or to make payments, you will need to release it back to the title company.
Another thought too....your credit is tied up in this deal. Her credit will be affected by the bankruptcy but if you keep the car and keep the payments up you'll get the credit and benefit by doing the right thing by paying it off. You'll be much better off doing that. If you turn the car in I think it will hurt your credit. You still have to pay if you keep the car.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Which hurts your credit worse bankruptcy or late payments?
Late payment will drive your credit score into the ground rapidly. Many people question filing a Bankruptcy even though their credit is shot through late payments on mortgages and other bills. Filing Bankruptcy put all collection activity on hold and your accounts show current and up to date as long as you make your payments on time. Most people are surprised tofine their credit in much better shape after a BK than before with a much higher credit score Late payments can always be corrected, and this will be reflected on your credit file. Bankruptcy, however, will stay on your credit file for six years.
Can a promissory note be cancelled verbally?
No. Any change must be executed in writing. The debtor should always make payments so as to have proof of their payments such as cancelled checks.No. Any change must be executed in writing. The debtor should always make payments so as to have proof of their payments such as cancelled checks.No. Any change must be executed in writing. The debtor should always make payments so as to have proof of their payments such as cancelled checks.No. Any change must be executed in writing. The debtor should always make payments so as to have proof of their payments such as cancelled checks.
Can you remove a bankruptcy dismissal from your credit?
No. Backruptcy will always appear on your credit. After 7-10 years your credit will be as good as someone who has not filed bankruptcy.
What happens when you owe a school money?
Unless you have some extreme circumstances, you will always owe education debt. By that I mean, that education debt is something that will remain with you until it is paid and will not be discharged under any type of bankruptcy scheme.
Is it better to try for lower payments through your credit card company than to file bankruptcy?
Always. In brief, bankruptcy will follow you for the next seven (7) years and make it difficult (if not impossible) for you to get any consumer credit during that time. If you are having trouble making payments, call your credit card company and let them know. In the process, help them understand that you want to be a good and responsible customer and ask them to help you figure out a plan that will meet your budget while preserving their interest in what you owe. There are also nonprofit credit counselors that can help you with the process.
Can you still erased the cancelled debt after bankruptcy?
You can always pay discharged debts after bankruptcy. The discharge only prohibits collection of the debt by a creditor. To avoid reinstating the debt(s), it is a good idea not to make regular payments.
Which hurts your credit worse bankruptcy or late payments?
Late payment will drive your credit score into the ground rapidly. Many people question filing a Bankruptcy even though their credit is shot through late payments on mortgages and other bills. Filing Bankruptcy put all collection activity on hold and your accounts show current and up to date as long as you make your payments on time. Most people are surprised tofine their credit in much better shape after a BK than before with a much higher credit score Late payments can always be corrected, and this will be reflected on your credit file. Bankruptcy, however, will stay on your credit file for six years.
How do apartments look at bankruptcy discharged but apartments in the bankruptcy?
always update information
What regarding bankruptcy is not true?
Creditors must always eliminate the debt owed by the debtor when there is a bankruptcy.
Is a bankruptcy lawyer always honest with his or her client?
Some bankruptcy lawyers are totally honest, others are not.
When you file bankruptcy are you always in bankruptcy?
Bankruptcy is a legal proceeding in which a person can get a fresh financial start. Bankruptcy can be very useful and effective in resolving financial problems in certain cases.
Can I have sum 1 take over the payments on my car and not be liable?
I don't think you can the car is still in your name ,and anything that happens to it will always come back to you.
What looks worse on your credit report Late payments or a bankruptcy?
Bankruptcy looks worse on your credit report than a late payment. They will both drop your score quite a bit, but a bankruptcy lets your lenders know you gave up on the debts owed, so making it harder to get new loans. You can always try to contact the credit bureaus to try and dispute the negative listings and have them removed if possible.
Can a promissory note be cancelled verbally?
No. Any change must be executed in writing. The debtor should always make payments so as to have proof of their payments such as cancelled checks.No. Any change must be executed in writing. The debtor should always make payments so as to have proof of their payments such as cancelled checks.No. Any change must be executed in writing. The debtor should always make payments so as to have proof of their payments such as cancelled checks.No. Any change must be executed in writing. The debtor should always make payments so as to have proof of their payments such as cancelled checks.
Time frame prior to bankruptcy to acquire large sum of money?
Always file for bankruptcy as soon after getting a large sum of money as you can.
Can you remove a bankruptcy dismissal from your credit?
No. Backruptcy will always appear on your credit. After 7-10 years your credit will be as good as someone who has not filed bankruptcy.
where do i find someone in bankruptcy law?
Too find someone in bankruptcy law I would look threw the yellow or white pages as there is always a ton of them there .
