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What are the rights or obligations of a co-signer for a loan that has been included in a bankruptcy and who does not have the money to pay the large debt himself?
The obligation is that the loan is now the liability of the co-signer who did NOT file bankruptcy.
Your rights are the same as any debtor. You can pay the loan, or default. Declaring bankruptcy yourself is an option also. For those reading along...this is why lenders want a co signer before lending to people they don't think can/will pay off their promises. They've seen it before.
So when/if the primary can't/doesn't pay, someone else will.
This lender, unlike others who will get nothing by the primary declaring bankruptcy, will more than likely get his debt paid by - or the assets of the cosigner to do so.
Funny, the deadbeat will now get away without paying the promises to this lender, other lenders and wanna bet, never repay the cosigner, ever, too!
What else can I help you with?
What does happen if a landlord keep on taking rent even if the landlord had filed for bankruptcy himself?
The landlord's bankruptcy has nothing to do with the tenant. The tenant still owes the rent.
Where can one get help to refinance himself or herself out of bankruptcy?
One can get help refinancing a mortgage by visiting a bank or a mortgage specialist. This type of refinancing can help someone to get out of bankruptcy.
My spouse is filing bankruptcy do i have to?
Items on your credit history remain only with you. They do not get copied to your wife's credit history after you get married. The only items that appear on both your credit histories is if you have a joint account with both your names on the account. I would get the advice of a lawyer on how best to proceed. You may have certain rights or obligations depending on whose name was on what papers. I am an attorney who concentrates her practice in bankruptcy. No, your spouse is not required to tell you that he or she has filed bankruptcy. However, if you are anticipating dissolution of marriage or there are other special circumstances, the court may find fraud if your spouse disposes of assets or relieves himself or herself of debt. It varies from state to state. However, there is no requirement that a spouse tell the other of a bankruptcy. Bankruptcy is a matter of public record though and you can look up whether people have filed or not by going to the PACER website.
What happens when your son dies leaving an outstanding car loan?
My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.
Can a lender on an auto loan require a co-borrower or guarantor to go on the title?
The lender can require just about anything, but it is more likely that they will want every name on the title to be on the loan, not the other way around. If anyone should insist the cosigner's name be on the title, it would be the cosigner himself. That will give him a right to take possession of the vehicle if he is stuck with the payments.
What actors and actresses appeared in Batteries Not Included - 2008?
The cast of Batteries Not Included - 2008 includes: Katy Brand as herself Ed Byrne as himself Jarred Christmas as himself John Cleese as himself Hugh Dennis as himself Jeremy Hardy as himself Tony Hawks as himself Richard Herring as himself Dom Joly as himself Phill Jupitus as Himself - Narrator Kenji Kawakami as Himself - Demonstrating Chindogu Glasses Robert Llewellyn as himself Stuart Maconie as himself Jason Manford as himself Andy Millns as himself Sue Perkins as herself Lucy Porter as herself Mark Steel as himself John Thomson as himself Danny Wallace as himself Alex Zane as himself
California Bankruptcy Lawyers?
Seeking HelpIf you have been thinking about declaring bankruptcy but aren't sure if you would qualify, it is in your best interest to contact a California bankruptcy lawyer as soon as you can. If you wait too long, it may be too late to declare bankruptcy. Filing for bankruptcy is sometimes the only way you have to save your home and vehicle.One great thing is that most bankruptcy experts offer the initial consultation for free, so you really have nothing to lose by taking the first step and seeking help. Seeking help from CA bankruptcy lawyers can have significant impacts on the results of bankruptcy proceedings. If you don't seek help, your bills will just keep piling up due to late fees and higher interest rates because of your credit score that will continue declining.Chapter 7There are two different types of bankruptcy that individuals can file for. The first type, Chapter 7, offers debtors a way to be discharged of most of their debt. Debtors must meet certain criteria, including a minimum income requirement that is based on the household size. Additionally a means test is used by the court to determine whether you are eligible to file for Chapter 7 bankruptcy.Chapter 13The second type of bankruptcy that a debtor can file for is Chapter 13 bankruptcy. Chapter 13 bankruptcy provides a way for debtors to stop the harassment and car and property repossessions by allowing individuals to pay single monthly payments to selected trustees over a period of time lasting between three or five years. The length of time depends on the debtor's income. A wonderful thing about filing for Chapter 13 is that you get to retain your assets. After you have made the payments over the three or five year period, most of the debt that remains is discharged.Both Chapter 7 and Chapter 13 can eliminate financial obligations like credit card debt, medical bills and other unsecured dischargeable financial obligations. By filing for Chapter 7 or Chapter 13 bankruptcy, a debtor can free himself of financial debt and have piece of mind once again. It can be consuming and exhausting to constantly dodge calls from debt collectors and worry endlessly about the stacks of bills. The best way to handle debt that you cannot and will not ever be able to tackle is to speak with a bankruptcy attorney as soon as you can.
Which president went bankrupt?
Grant lost virtually all of money after he retired by investing in his son's brokerage firm. The firm went bankrupt but I am not sure that Grant himself filed for bankruptcy.
Which was a result of the reign of Phillip II?
Economic decline and bankruptcy were a result of the reign of Phillip II. Phillip often mistrusted himself to make decisions and relied on the advice of others to solve important problems.
Which was a result of the result of phillip ii?
Economic decline and bankruptcy were a result of the reign of Phillip II. Phillip often mistrusted himself to make decisions and relied on the advice of others to solve important problems.
Which was a result of reign of phillip II?
Economic decline and bankruptcy were a result of the reign of Phillip II. Phillip often mistrusted himself to make decisions and relied on the advice of others to solve important problems.
What Are Chapter 13 Bankruptcy Exemptions?
Although most debtors keep all their property after filing a Chapter 13 bankruptcy, debtors must file exemptions when applying for this type of bankruptcy just like they do when they file for Chapter 7 bankruptcy. Filing exemptions in a Chapter 13 bankruptcy is for the benefit of creditors rather than the debtor himself. The exemptions inform the creditor of how much she is entitled to and allows her to compare the settlement of the case with the settlement the creditor would receive if the debtor filed Chapter 7 bankruptcy instead.Best Interest of Creditors TestU.S. bankruptcy law requires Chapter 13 bankruptcy applications to pass the "best interest of creditors test." Creditors involved in a Chapter 13 bankruptcy must receive at least as much from the bankruptcy as they would if the debtor filed Chapter 7 bankruptcy instead. The bankruptcy trustee performs this test by deducting the debtor's exemptions from the full value of the estate to determine how much the estate would be worth if the debtor filed Chapter 7 bankruptcy. Creditors may receive more from Chapter 13 than they would from Chapter 7, but they may not receive less from Chapter 13.Determining Payment AmountChapter 13 exemptions, or more specifically, the best interest of creditors test, are also used to determine how much the debtor must pay over the lifetime of the plan. To make this determination, the bankruptcy trustee compares three numbers. The best interest of creditors test, or the non-exempt value of the estate minus administrative costs, is one of these three numbers. The total amount of priority claims, such as alimony, child support and back taxes owed, is another number the bankruptcy trustee looks at, as is the debtor's disposable income, or income after payroll taxes each pay period. The bankruptcy trustee takes the biggest of these numbers and divides it by the life of the plan to determine how much the debtor must pay each month.ConsiderationsChapter 13 bankruptcy may be attractive to some debtors because debtors are at low risk of losing their property through this arrangement and there are no income limitations on this type of bankruptcy. However, debtors cant file for Chapter 13 bankruptcy if they have such large exemptions that the bankruptcy will fail the best interest of creditors test. In addition, Chapter 13 bankruptcy negatively affects the debtor's credit for seven years and requires debtors to pay the bankruptcy trustee on a monthly basis.
