It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
You need to consult a nearby personal bankruptcy attorney that has experience in working with creditor's privileges.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
They both go bankruptcy
Seek advice from a professional. Your local bankruptcy attorney is there to help you.
You need to consult a nearby personal bankruptcy attorney that has experience in working with creditor's privileges.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
An administrator or executor of the estate needs to be appointed and file an appearance in the bankruptcy court. The case can continue to discharge of debts of the deceased. Get an experienced bankruptcy lawyer if there no attorney of record.
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
Generally, these are exempt assets and they remain yours, preumably to take with you.
this is were you agree to pay the debt that you originally signed with the creditior this usually happens when someone is filling bankruptcy.
They both go bankruptcy
Does corporate bankruptcy affect personal credit?
Seek advice from a professional. Your local bankruptcy attorney is there to help you.
If the bankruptcy is discharged you are no longer responsible for the debt.
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
When you are living with someone they are not included in your bankruptcy. If you are paying them rent, then the money you pay is an expense and will be considered for bankruptcy.