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If a co-signer files bankruptcy what happens to the primary signers credit if they continue to pay the loan?
Nothing. The primary is all that is concerned. If signer and co-signer are, were, or will be married - that's different. If either the co-signer or the signer is or was dependent to the other, that's different too, but only if it is regarding your current income. Basically, if you pay the bills, you have good credit.
What is liability of co-signer if the owner files bankruptcy and moves out of state?
unfortunately you will be stuck paying the bill.
Can a bank garnish wages of a co-signer in Georgia if the primary signer has claimed bankruptcy?
Yes, The bankruptcy of the borrower does not protect the co-signer. The bank howevermust obtain a judgment against the co-signer prior to garnishment.
Will the the credit of the co-owner affected if a co-signor files bankruptcy?
No. The co-signer is no longer responsbile for any part of the loan. If you default, the creditor can not attempt to collect from them.
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?
What if primary signer files bankruptcy?
The co-signer would then be liable.
Is the borrower responsible if the co signer files bankruptcy?
Yes, co-signer means obligated as a guarantor of the note, but the federal bankruptcy can excuse the obligation as part of the settlement.
If a co-signer files bankruptcy what happens to the primary signers credit if they continue to pay the loan?
Nothing. The primary is all that is concerned. If signer and co-signer are, were, or will be married - that's different. If either the co-signer or the signer is or was dependent to the other, that's different too, but only if it is regarding your current income. Basically, if you pay the bills, you have good credit.
What happens to a co-signer if the signer of the loan files bankrupt?
The co-signor becomes responsible for the balance due on the loan.
If a cosigner files for bankruptcy does it put the primary signer under bankruptcy too?
No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy
Can the primary borrower continue paying car loan if co-signer files chapter 7 bankruptcy?
Has to
What is liability of co-signer if the owner files bankruptcy and moves out of state?
unfortunately you will be stuck paying the bill.
If the primary files bankruptcy what happens to the co-signer?
Depends- if it was a chapter 7, then the bank can sue the co-signer for the full amount. If it iwas a chapter 13, the creditor is prevented from taking any action against the co-signer for any consumer debt.
If the primary owner files bankruptcy and has a co-signer can the co-signer continue to pay and take ownership of property?
That's an issue that has to be decided by the court, the lender and the exemption status of the property.
Can a bank garnish wages of a co-signer in Georgia if the primary signer has claimed bankruptcy?
Yes, The bankruptcy of the borrower does not protect the co-signer. The bank howevermust obtain a judgment against the co-signer prior to garnishment.
Will the the credit of the co-owner affected if a co-signor files bankruptcy?
No. The co-signer is no longer responsbile for any part of the loan. If you default, the creditor can not attempt to collect from them.
Can a co-signer on a vehicle file bankruptcy?
Yes, but the court may not allow the bankruptcy to be used to release the co-signer from the financial obligation.
