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If the co-signer is declared incompetent and the owner is not paying the payments is the co-signer's estate still responsible for the car loan?
That is an issue that would be decided by a judge, usually in probate court. The main issue would be the state of mind the person was in when the contract was signed. If the person was indeed incompetent and others had knowledge of the fact but did not intervene, the possibility of fraud could also become a factor in the situation.
What else can I help you with?
Is a cosigner still responsible for the car loan if they are declared incompetent?
The laws which define incompetency vary greatly from state-to-state. However, the competency issue would only be applicable if the person was proved to have been incapable of understanding the agreement when it was initially made. If the person was judged incompetent after the agreement, the contract in most cases will be deemed legally binding.
Can you sue a co-debtor for the balance remaining after your repossessed car was sold if the co-debtor was declared responsible for the debt by the court but never paid?
Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.
Is the executor respondsible for debt when there is no money left in the estate?
No. The estate is responsible for the decedent's debts.However, debts must be paid before any property can be distributed. If there isn't enough money in the estate the debts must be paid in the proper order which is set by law in each state. The court appointed executor IS responsible for following the law in the settling of an estate.If there are debts and no estate the estate is declared to be insolvent and the creditors are out of luck.
Who pays outstanding bank loan on personal property which is more than the value of the estate after death in NY State?
The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.
Can minor be declared insolvent?
can minor be insolvent
Can a trust be changed by an incompetent trust maker?
No. However, the trustor must be declared incompetent by a court.No. However, the trustor must be declared incompetent by a court.No. However, the trustor must be declared incompetent by a court.No. However, the trustor must be declared incompetent by a court.
Is a cosigner still responsible for the car loan if they are declared incompetent?
The laws which define incompetency vary greatly from state-to-state. However, the competency issue would only be applicable if the person was proved to have been incapable of understanding the agreement when it was initially made. If the person was judged incompetent after the agreement, the contract in most cases will be deemed legally binding.
If a cosigner wants out of the deal several months into a car loan can they have themselves removed without your approval?
A car loan is a contract. A contract can only be modified (unless declared illegal or void) with the agreement of all parties, so - no - the cosigners can not remove themselves without your approval.
Can i be declared incompetent if i am temporarily traumatized by my husband's sudden death?
It's possible, but you would have to be declared incompetent by a judge with supporting documentation from a physician (usually two).
How can you find out if a parent was secretly declared incompetent in Florida by current spouse?
A person can only be declared legally incompetent by court ruling. There would be a record of this action on file at the courthouse.
How do you have your sister declared incompetent when she is addicted to drugs and you think she is medically and mentally Ill?
It is hard to get another person declared incompetent. Drug addiction is a personal choice, and so long as she is not trying to commit suicide, doctors will not consider that a sign of incompetence. If she is mentally ill to the point where she is demented, then you could have her declared incompetent.
If your pregnant girlfriend is declared mentaly incompetent will you get custody of the baby?
Most likely.
You want a divorce and now your wife wants you declared mentally incompetent?
You can STILL get divorced.
When the defendant is incapable of understanding the nature of charges and proceedings he will be declared?
Incompetent to stand trial.
How do you declare someone mentally incompetent in the state of Illinois?
A person in Illinois has to be declared incompetent through the court system. Bring pictures, dated notes and video, along with medical records and police reports, to present to the court when the incompetence proceedings begin. If the adult is found incompetent, a guardian will be appointed. The guardian has the power to make legal decisions for the person.
When is the defendant declared incompetent?
A defendant is declared incompetent when they are unable to understand the nature of the legal proceedings against them or cannot assist in their own defense due to mental illness or cognitive impairment. This determination is typically made through a psychological evaluation and must meet legal standards set by the jurisdiction. If found incompetent, the defendant may be committed to a treatment facility until they are deemed competent to stand trial.
What are the criteria to be declared incompetent for a senior citizen in the state of Florida?
The laws vary from state-to-state. You'll have to be more specific.
