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What else can I help you with?
Is a principal debtor the same as a surety?
No, a principal debtor and a surety are not the same. The principal debtor is the primary party responsible for repaying a debt, while a surety is a third party who agrees to take on the debt obligation if the principal debtor fails to fulfill it. Essentially, the surety provides a guarantee for the debt, acting as a backup to ensure the lender is repaid.
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.
If you are the co-buyer on the car is the loan in your name also?
IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.
IIf you obtain a loan with a cosigner after a discharged bankruptcy will the loan show up negatively on the cosigners credit if your payments are on time?
As long as the debtor makes payments on time, this would not reflect negatively on your co-signers credit. Co-signing will show on their credit report as debt as a co-signer guarantees repayment of the loan if the debtor defaults.
What is benevolent loan?
This is a loan extended on a goodwill basis, and the debtor is only required to repay the amount borrowed. However, the debtor may, at his or her discretion, pay an extra amount beyond the principal amount of the loan (without promising it) as a token of appreciation to the creditor. In the case that the debtor does not pay an extra amount to the creditor, this transaction is a true interest-free loan.
Discuss the rights of surety against the creditor and the principal debtor?
rights of surety against principal debtor and principal creditor
Does the bankruptcy co-debtor stay apply to a joint debtor?
The co-debtor stay is applicable in chapter 13.
Is a principal debtor the same as a surety?
No, a principal debtor and a surety are not the same. The principal debtor is the primary party responsible for repaying a debt, while a surety is a third party who agrees to take on the debt obligation if the principal debtor fails to fulfill it. Essentially, the surety provides a guarantee for the debt, acting as a backup to ensure the lender is repaid.
What recourse does co signer have if the primary debtor defaults?
The co-signer can sue the primary debtor for reimbursement of what the co-signer pays the creditor.
Can you take a payment from a co debtor if debtor is unavailable?
Generally, a co-debtor is also the debtor and you may ask for repayment from them. However there may be local legal restrictions so you would be well advised to contact a legal representative in this matter.
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.
After the car is sold who do they come after for the deficiency the debtor or the co-debtorWhat if the co-debtor does not work How can they get there money?
Either/or both, whomever has the money or assets to pay.
A party who agrees to be secondarily liable to a principal debtor is known as a?
guarantor
Do you have to be married to file joint chapter 7?
NO, you can have a co-debtor.
What is the difference between surety and guaranty?
With regard to surety, the creditor can look to the surety for immediate payment upon the occurrence of a default by the principal obligor or debtor. However, where an individual is a guarantor, the creditor must first attempt to collect the debt from the principal debtor/obligor before demanding performance from the guarantor.
If you are the co-buyer on the car is the loan in your name also?
IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.
What is an antichresis?
An antichresis is an agreement by which the debtor gives his creditor the use of real property to be able to pay interest and principal of his debt.
