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This should be considered two different issues. The co-owner will still be obligated for the loan and maybe the entire loan. Depending on who is the primary on the loan, if its the one going bankrupt the loan falls to the co-owner. Please try to find another way instead of bankruptcy, it will ruin your credit forever and I, along with other people will have to pay your debt. There are debt consolidation places that can help and believe it or not the people you owe money to actually have whats called curing programs that can reduce the payment amount for a certain time so you can try to catch up.If you are willing to pay something and work with them and not hide from them, they will work with you.
What else can I help you with?
What happens to my loan if a bank goes bankrupt?
If a bank goes bankrupt, your loan may be transferred to another financial institution or a government agency. You will still be responsible for repaying the loan, but the terms and conditions may change.
What happens to a loan if the bank that issued it goes bankrupt?
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
What happens to a bank loan when a corporation goes bankrupt?
The company still has to pay it off, it might even just rest on the owner's, or the person who took it out, hands.
What happens if a loan is sold with recourse and it goes into default?
what haapend if a loan is sold with recourse and it goes into defualt
What happens to my loan if a bank goes bankrupt?
If a bank goes bankrupt, your loan may be transferred to another financial institution or a government agency. You will still be responsible for repaying the loan, but the terms and conditions may change.
What happens to a loan if the bank that issued it goes bankrupt?
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
If i cosigned on a loan then the person goes bankrupt then they default on a bankrupt what happen?
You signed to guarantee the loan. That means that you guaranteed to pay the loan if something went wrong. Something went wrong so you get to pay the loan.
What happens to a bank loan when a corporation goes bankrupt?
The company still has to pay it off, it might even just rest on the owner's, or the person who took it out, hands.
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.
What happens if a loan is sold with recourse and it goes into default?
what haapend if a loan is sold with recourse and it goes into defualt
If husband and wife is on the loan for a home and the wife goes bankrupt will the husband lose the home?
if they cant pay for it they will lose the home
Can a co-signor on an auto loan be held responsible for the loan if the original loan was discharged in Chapter 7 proceedings?
Yes. That is the purpose for requiring a co-signor on a loan. If the original borrower can not pay or goes bankrupt the finance company then collects from the co-signor.
Can you bankrupt on a government student loan?
These are not allowed to be discharged.
What happens if don't pay the car loan?
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
If you buy gm now and they go bankrupt you lose your money?
That's generally what happens when you make a bad investment. Stock is equity...ownership....not debt or a loan to the Company.
