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What happens when someone you co-signed for has filed for bankruptcy?
Wiki User
∙ 10y ago
About 6 months ago I had to deal with the same thing. What happened to me was, that the card and all $3000 was turned over to me. That was not cool at all and I was made responsible for the card. But the person that raked up the bill gave me what he owed, but some are not so lucky.
AnswerAs a cosigner, you assert that you are capable of and intend to repay a debt when:
- the borrower cannot pay
- the borrower refuses to pay
- the borrower files for bankruptcy
If you are not able or willing to repay the debt, then you should not cosign for the loan. Cosigning can be useful for helping a loved one establish credit. Cosigning should never be used to help anyone with poor credit to purchase an asset, whether that person is related or not. They have already stiffed other lenders, and you will be next on the list.
By the way, cosigners will experience negative credit reporting on any shared debt that is reported as delinquent or in default.
AnswerWhen you file for bankruptcy you are required to disclose if any of your debts have co-debtors. A co-debtor is someone who also agreed to pay that debt, which includes co-borrowers, co-signers, and guarantors. Even if the debtor is discharged of their obligation for a debt, the co-debtor still owes the debt.
Wiki User
∙ 10y ago
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What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
Can someone co sign a mortgage if they have filed bankruptcy?
no
Can you remove a bankruptcy dismissal from your credit?
No. Backruptcy will always appear on your credit. After 7-10 years your credit will be as good as someone who has not filed bankruptcy.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
If someone cosigned a car loan for her husband and he couldn't pay and filed bankruptcy and she couldn't pay either would she have to file bankruptcy?
well if your husband is in bankruptcy they are not allowed to repossess the car as long as he is the one in possession of the vehicle, if they do repossess the vehicle you will have a pretty good lawsuit to hand them, if the car is repossessed or actually when , it will show up on both of your credit. so I have a website to help you www.stoptheREPOMAN.com we have repossession consultants that can help with your situation I STRONGLY RECCOMED YOU TRY IT.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
You are looking for someone who filed for bankruptcy?
Bankruptcy is filed in federal district court. You may want to start with their files.
How can you stop someone from knowing if you filed bankruptcy?
You cannot.
Can someone co sign a mortgage if they have filed bankruptcy?
no
What happens when a cosigner declares bankruptcy-not the primary owner?
Nothing unless they filed on your loan.
I cosigned a loan for my granddaughter she has filed bankruptcy will her creditors come after you too?
If you are a cosigner on a loan, you are responsible for the debt of the loan if the primary signed defaults on the loan. So, yes you can be called to pay on the loan by the creditors.
HAS kaiser permanente ever FILED bankruptcy?
do you know if kaiser permanente filed bankruptcy?
Can you remove a bankruptcy dismissal from your credit?
No. Backruptcy will always appear on your credit. After 7-10 years your credit will be as good as someone who has not filed bankruptcy.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
If someone cosigned a car loan for her husband and he couldn't pay and filed bankruptcy and she couldn't pay either would she have to file bankruptcy?
well if your husband is in bankruptcy they are not allowed to repossess the car as long as he is the one in possession of the vehicle, if they do repossess the vehicle you will have a pretty good lawsuit to hand them, if the car is repossessed or actually when , it will show up on both of your credit. so I have a website to help you www.stoptheREPOMAN.com we have repossession consultants that can help with your situation I STRONGLY RECCOMED YOU TRY IT.
Has the state of Michigan ever filed for bankruptcy?
No. No state has ever filed for bankruptcy. States are not coverd by current U.S. bankruptcy laws.
I cosigned for an ex girlfriend on a personal loan and she has now filed bankruptcy. Is it possible for me to sue her for the debt?
There is no way a judge will allow her to add a cosigned account to a bankruptcy case. Being that you may be able to pay the debt, the judge will be forced to deny the claim. However, if it does slip through, you can file suit against the court to get the bankruptcy recinded. Just to answer your question, hypothetically, if it did slip through and you could not figh it you could not sue her because the debt has already been settled as a bankruptcy. So you see how it's not possible for her to claim the account in the first place.
