2007-07-06 09:16:04 · 11 answers · asked by Chelle 2 in Business & Finance ➔ Credit
these days there is no such thing, by the new laws, unless a person has had a lot of medical bills and is elderly, disabled, etc. as filing a Chapter 7 and getting of the bills totally. The judge will steer it into a Chapter 13 where payments will still have to be made. First wait and see what the arrangement is (you should be getting a copy of the bankruptcy agreement and if not then you should ask for a copy, you should be listed as getting a copy). I don't know how that loan company will take it in that to accept the payments the court approves, or if you would be involved to pay the balance. If you're stuck then make the payments and then wait till that person is again employed and sue them for the money you paid.
2007-07-06 09:21:09 · answer #1 · answered by sophieb 7 · 0⤊ 0⤋
If you cosign a loan then you are responsible for that loan whether the primary person goes bankrupt or not. The lender does not have to force the primary person into bankruptcy, but can actually pursue you for repayment from the very beginning of their collection process.
2007-07-06 09:19:04 · answer #2 · answered by Highlandbound 6 · 0⤊ 0⤋
In resposne to Hense, whether you incorporate or start up an LLC, you will nonetheless probably be to blame for any loans you get carry of to start up your company because of the fact the financial company will almost certainly require which you sign a private guarantee.
2016-10-20 02:24:52 · answer #3 · answered by dawber 4 · 0⤊ 0⤋
It then falls into your lap. That happened to my dad when he got divorced. He had cosigned for the woman he was with, and when they separated, she stopped paying the payments, and it affected my dad's credit. he had to go through a lot of hassle getting the judge to make it solely her responsibility, but my dad's credit is still showing the dent from it.
2007-07-06 09:23:09 · answer #4 · answered by good gollum 4 · 0⤊ 0⤋
They are off the hook for the loan and the creditor gets to come after you for the remaining payment.
2007-07-06 09:20:33 · answer #5 · answered by Miss MJ 1 · 0⤊ 0⤋
never never never never never never never never never never co-sign a loan with a friend. I don't care how close you are and how responsible the person is. Sh!t sometimes happen and if that loan goes into default it will affect your credit.
2007-07-06 09:20:17 · answer #6 · answered by tender loving dyke 3 · 0⤊ 0⤋
congrats, you're stuck paying the loan. since you co-signed, you are legally responsible if the primary signer cannot pay.
2007-07-06 09:19:18 · answer #7 · answered by rockjock_2000 5 · 0⤊ 0⤋
you're liable for the entire loan.
2007-07-06 09:21:02 · answer #8 · answered by Baysoc23 5 · 0⤊ 0⤋
you become liable for the loan
2007-07-06 09:20:50 · answer #9 · answered by Mike Frisbee 6 · 0⤊ 0⤋
Don't do it.. only for yourself
2007-07-06 09:55:19 · answer #10 · answered by shorty21 5 · 0⤊ 0⤋