0
If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
Wiki User
∙ 19y ago
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
Wiki User
∙ 19y ago
Add your answer:
Earn +20 pts
Can the Bank go after the cosigner for a balance that was settled with them before a bankruptcy?
yes, unless the co-signer claims bankruptcy
Can a person file for bankruptcy to avoid paying small claims court?
Probably, assuming they are actually bankrupt. If they are not actually bankrupt, then the automatic stay will delay the small claims court for a while, but the person who filed for bankruptcy is going to end up in even more hot water with the bankruptcy court.
What bankruptcy information should you know before you consider filing for bankruptcy?
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
When should a stockholder receive payment if a company declares bankruptcy?
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
Can you sue someone you cosigned on a car loan that you had to pay for after it was repossessed?
Most likely yes, in a small claims court - if the amount is low enought. You need a lawyer to go above the small claims court and the defendant needs some assets if you hope to collect your money and the lawyer fees.
Can the Bank go after the cosigner for a balance that was settled with them before a bankruptcy?
yes, unless the co-signer claims bankruptcy
Are employees unsecured priority claims in Bankruptcy Court?
Unpaid employees are priority unsecured bankruptcy claims up to approximately 10,000.
Can you take someone to small claims court if they refuse to repay a student loan that you cosigned for?
Yes, for Breach of contract.
You cosigned a loan and your daughter has not paid the payment for 10 months Can you take her to small claims court to sue her for non payment?
If you made the payment, yes.
Can a person file for bankruptcy to avoid paying small claims court?
Probably, assuming they are actually bankrupt. If they are not actually bankrupt, then the automatic stay will delay the small claims court for a while, but the person who filed for bankruptcy is going to end up in even more hot water with the bankruptcy court.
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
What can you do if the cosigner has stopped making payments but refuses to give you the car or turn it in?
You might talk to a lawyer and settle it in small claims court.
If you cosigned for your son and his girlfriend for a cell phone and they let it go back with a 300 bill can you take her to small claims court?
Yes. You have a legal right to sue to recover what is owed.
How long can a company stay in bankruptcy proceedings?
There is no timeframe. Some take years. Some creditors can file suit in the bankruptcy court to protect claims if need be. This is normally used on items such as cars that go down in value over time and are secured claims.
What bankruptcy information should you know before you consider filing for bankruptcy?
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
When should a stockholder receive payment if a company declares bankruptcy?
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
What has the author Francis L Lamer written?
Francis L. Lamer has written: 'Priority of Crown claims in insolvency' -- subject(s): Priorities of claims and liens, Bankruptcy
