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What else can I help you with?
If a cosigner files for bankruptcy does it put the primary signer under bankruptcy too?
No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy
Can the primary borrower continue paying car loan if co-signer files chapter 7 bankruptcy?
Has to
What happens if a co signer files bankruptcy?
They both go bankruptcy
What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
If cosigner files bankruptcy on car does it wipe out primary signer obligations?
I'm not an attorney, but I seriously doubt it. What sense would that make?
If the primary owner files bankruptcy and has a co-signer can the co-signer continue to pay and take ownership of property?
That's an issue that has to be decided by the court, the lender and the exemption status of the property.
Auto Co-signer files bankruptcy does primary have to keep the loan?
The loan becomes at worst like a single-signer loan. You are free to refinance or pay it off. Which you were, anyway. The only entity affected by the bankruptcy of a cosigner on a loan is the lender.
How can a co-signer file bankruptcy on an unpaid vehicle without interfering the credit of the primary signer?
By listing the creditor on the bankruptcy schedules.
If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
If a co-signer files bankruptcy what happens to the primary signers credit if they continue to pay the loan?
Nothing. The primary is all that is concerned. If signer and co-signer are, were, or will be married - that's different. If either the co-signer or the signer is or was dependent to the other, that's different too, but only if it is regarding your current income. Basically, if you pay the bills, you have good credit.
If the co-signer of a car files bankruptcy will this affect the credit of the primary even though my payment are always on time?
No. It only affects the lender ability to get paid if the primary borrower defaults.
Is the borrower responsible if the co signer files bankruptcy?
Yes, co-signer means obligated as a guarantor of the note, but the federal bankruptcy can excuse the obligation as part of the settlement.
