Yes.
If the BK filer is allowed to discharge the debt a joint account holder who is not a party to the bankruptcy becomes solely responsible for the entire amount. Cancelling or closing the account will not change the fact that the person will still owe the debt and it will eliminate the possibility of said person to negotiate terms with the lender if it becomes necessary. If the joint account holder continues to meet the required terms of the account agreement his or her credit score will not be negatively affected.
Lehman Brothers bondholders have been receiving payments from the liquidation of the firm's assets since its bankruptcy in 2008. The process is ongoing, and payments depend on the distribution of recovered assets, which can take years to finalize. As of now, many bondholders have received partial payments, but full repayment timelines vary based on the specific securities held and the progress of the bankruptcy proceedings. For the most accurate information, bondholders should consult updates from the bankruptcy court or the trustee managing the liquidation.
When the holder of a trust dies, the assets in the trust are typically distributed according to the instructions outlined in the trust document. This may involve transferring the assets to beneficiaries or managing them in a specific way as specified by the trust.
CR??? NO. The loan?? Possibility. that's why the lender required you to have a co-signor. Your CR is not very good. They could require you to get another co-signor or demand payoff.
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
The note becomes a part of the bankrupt individuals assets.
If the BK filer is allowed to discharge the debt a joint account holder who is not a party to the bankruptcy becomes solely responsible for the entire amount. Cancelling or closing the account will not change the fact that the person will still owe the debt and it will eliminate the possibility of said person to negotiate terms with the lender if it becomes necessary. If the joint account holder continues to meet the required terms of the account agreement his or her credit score will not be negatively affected.
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.
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
When the holder of a trust dies, the assets in the trust are typically distributed according to the instructions outlined in the trust document. This may involve transferring the assets to beneficiaries or managing them in a specific way as specified by the trust.
The judgment holder will have to enforce the judgment. He/she will get leave of court to conduct a citation to discover assets, where they will grill the bank account holder on his/her assets. At some point down the line, the court can freeze the assets or order them turned over.
CR??? NO. The loan?? Possibility. that's why the lender required you to have a co-signor. Your CR is not very good. They could require you to get another co-signor or demand payoff.
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
No. The secondary card holder can only discharge his/her own obligation to pay. The primary will staill have to pay.
Primary Market
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).