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If the cosigner on a car loan files bankruptcy and they file the car also and take it what will happen to the other person credit?
They will want the money from the co-signer. In my case, my car was repossesed and my mom was my co-signer and she had to file bankruptcy too. The lender will sell the car in an auction and your co-signer will be responsible for the difference between what you owed and what is was sold for. Got it?
Can a co signer file bankruptcy on a car loan?
Yes, a co-signer can file for bankruptcy, which can affect their liability on a car loan. However, filing for bankruptcy does not automatically eliminate the primary borrower's obligation to repay the loan. If the primary borrower continues to default, the lender may pursue the co-signer for repayment, as they are jointly responsible for the debt. It’s important for both parties to understand the implications of bankruptcy on their financial obligations.
Can you file bankruptcy if you caused a car accident?
Can you file bankruptcy if you caused a car accident?
If you buy a car through the company you own and you personally are the co-signer what happens if the you file bankruptcy?
That depemds on how your "company" was setup. ASK your B/K attorney.
Can you get your car back after a repossession if you file chapter 13 bankruptcy?
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
What happen if you file bankruptcy and have not been discharged and buy a car and have it finance?
If you file bankruptcy and you have not been discharged the car that you buy can be used to finance it.
Can a person with bankruptcy still get a car loan with a co-signer?
Yes, a person with bankruptcy can still obtain a car loan with a co-signer. Lenders may be more willing to approve the loan if the co-signer has good credit and financial stability. However, the terms of the loan may be less favorable, such as higher interest rates, due to the borrower's bankruptcy. It's essential for both the borrower and co-signer to understand the risks involved.
If I want to file bankruptcy but my car is in my aunt's name is there any way she can release it into my name and I file the car in with my bankruptcy?
must be yours for two years
Can you lose a car if you file bankruptcy?
Yes, you can lose a car if you file for bankruptcy, but it depends on several factors, including the type of bankruptcy you file and the value of the car. In Chapter 7 bankruptcy, non-exempt assets may be sold to repay creditors, which could include your car if it's not protected by exemptions. However, if you file for Chapter 13 bankruptcy, you may be able to keep your car by restructuring your debt and making payments over time. Always consult with a bankruptcy attorney to understand your specific situation and options.
Can the primary borrower continue paying car loan if co-signer files chapter 7 bankruptcy?
Has to
What happens if my car is repossessed and then I file bankruptcy?
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
Can you purchase another car before you file bankruptcy on another car?
sure you can, but you will loose new car when u file bankruptcy anyway.also need more than just a car payment to file bankruptcy. laws have changed to prevent people filing bankrupcy just to dodge paying there bills
