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Nothing spectacular happens. And you are still liable for the loan payments.
Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'.
The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy.
If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business
Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company.
No matter what, you still have to pay the full amount of your loan.
What else can I help you with?
What happens if a co signer files bankruptcy?
They both go bankruptcy
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
What happens to the stockholders when a corporation files for bankruptcy?
When a corporation files for bankruptcy, stockholders may lose the value of their investment as the company's assets are used to pay off debts to creditors. Stockholders are typically last in line to receive any remaining funds after creditors are paid, which means they may not receive any compensation for their shares.
When a company files bankruptcy what happens to the union contracts?
They can be changed by the Court.
What happens to your wage garnishment when the company files bankruptcy?
your wages still garnished
What happens when a business is owed money by a company that files for bankruptcy?
Need the right answer
What happens if car dealership files bankruptcy how do you pay for vehicle?
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.
What happens to your ticket when an airline files bankruptcy?
Nothing, the ticket is not a debt and would not be included in their bankruptcy. The ticket should still be good.
What happens to your money if your bank files for bankruptcy?
Banks are insured up to 100,000.00 by the government.
What happens to the primary if the co-owner files for bankruptcy?
The primary would be held liable for the debt.
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
What happens to a promissory note when the note holder files for bankruptcy?
The note becomes a part of the bankrupt individuals assets.
