0
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.
What else can I help you with?
What is difference between primary and secondary card holder?
The major difference is that the Primary Account holder is responsible for all the amounts due on both the Primary Card and the Secondary Card.
What are the benefits of a secondary card holder?
The benefits of having a secondary card holder on a charge account are mostly to the secondary card holder. This person can use the account, but it is the primary person that must pay the bill. Having a secondary person on an account is helpful for providing a credit card in their own names to students and spouses.
Is a secondary credit card holder resposible for debt?
Depends on what "Type" of Credit Holder you are. Here is how that will go: If you are what is known as an authorized user on the account. (i.e. - The Primary account holder has given you permission to make charges on the account), the answer is No. The primary account holder is responsible for any charges he/she has allowed you to make on the account. If you are a Secondary account holder (i.e. -your name was put on the account APPLICATION at the time the card was applied for), then your answer is YES. If the Primary account holder defaults on the account, then the credit card company will turn to try and collect from the Secondary account holder. BEWARE of becoming a secondary holder on anything that has to do with credit. If you know that the Primary holder may default, you could get stuck with a huge amount of debt on your hands, and if you can't pay, your nice credit score of 783 could very quickly go down the drain to 535 or lower.
Will your credit be damaged if you as a cosigner continue to make payments on a car loan when the primary signer declares bankruptcy?
GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad
Can the secondary card holder on a credit card account transfer credit card balances to a new card?
No unless the primary gives the secondary permission too
What happens when a cosigner declares bankruptcy-not the primary owner?
Nothing unless they filed on your loan.
Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?
no
What is primary and secondary scources?
Primary Source: a firsthand account, also something written by someone who was there. Secondary source: a secondhand account also something written by someone who was not there.
Can the primary account holder remove the name of the secondary holder?
Pay off the balance and close the account. Then reopen a new account with only the primary holder.
What is sweep account in banking?
A sweep account's funds are managed in a primary cash account and secondary investment accounts.
What is a commentary on an original document or firsthand account?
Secondary Source.
What is difference between primary and secondary card holder?
The major difference is that the Primary Account holder is responsible for all the amounts due on both the Primary Card and the Secondary Card.
Is a historian's account of Julius Caesar's victory against Spain a primary or secondary source and why?
A historian's account of Julius Caesar's victory against Spain is a secondary source not a primary source. Secondary sources analyze and explain primary sources. Primary sources are documents or objects that were created during the time being studied.
Can a secondary card holder discharge the debt if they declare bankruptcy?
No. The secondary card holder can only discharge his/her own obligation to pay. The primary will staill have to pay.
What is an advantage a primary source has over a secondary source?
a primary source offers a firsthand account of an event. (apex)
What is advantage a primary source has over a secondary source?
a primary source offers a firsthand account of an event. (apex)
Is a commentary a secondary source?
Yes, a commentary is a secondary source. A primary source is a first hand account of an event. I.e. I was at the corner when a five car pile up happened. When the police question me, the account I give them is a primary source.A secondary source is an after-the-fact account of events gathered from a primary source. A commentary is derived after reading a written article or watching a film, this the commentators commentary is secondary to what they were watching, reading, or listening too.
