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.
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 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.
GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
The company wants their money so if the primary doesnt pay then the cosigner must. Their is no way of getting around this. Bankruptcy should be outlawed. If you cant afford things dont take on the debt.
Nothing unless they filed on your loan.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
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 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.
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
GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
I'm not an attorney, but I seriously doubt it. What sense would that make?
The company wants their money so if the primary doesnt pay then the cosigner must. Their is no way of getting around this. Bankruptcy should be outlawed. If you cant afford things dont take on the debt.
The primary would be held liable for the debt.
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.