How do I protect my co-signers while filing bankruptcy?

Hi katy,

Your query has been replied to in the given page:
http://www.mortgagefit.com/quitclaim/deed-mother-property.html

Take a look at it. Hope it helps you.

Thanks

I am taking care of my sister as she is disabled. She gets disability and wants me to take care of the money. The bank wants her to be a signer on my account. Can the IRS take my money in the account if they decide to go after her for back taxes? She did file bankruptcy but still

My parents co-signed for a student loan and now the payments are very hard for me to handle due to a down turn in my job and my monthly pay being cut, I am considering filing for bankruptcy however I do not want my parents being affected in anyway. Is this possible??

Hi islandwolf,

Bankruptcy filing won't release your sister from the back taxes. She will have to pay off the back taxes in full. It will be better if your sister can negotiate with the IRS and get a payment plan to pay off the dues. This will help her in paying off the taxes in full.

Thanks,

Jerry

i filed chapter 7 in georgia and kept three investment properties: two duplexes and one triplex. i did not reaffirm the debt. my unmarried sister was the cosigner on the three notes. my chapter 7 bankruptcy was discharged over a year ago and i no longer have any personal obligation to repay the loans. unfortunately, due to rental property vacancies, we have fallen a couple of months behind on the three mortgages and we are facing likely foreclosures. how are the banks likely to treat my cosigner (sister with same last name) if the banks foreclose? anybody who is knowledgeable, please help.

Hi Guest,

Your query has been answered in the given page:
http://www.mortgagefit.com/know-how/about47159.html#193462

Take a look at it. Hope it helps you.

Thanks

In my divorce I agreed to pay on the house note. I signed a hold harmless clause for my ex. Since then I have tried to sell the house, shortsale 2x and have been unable. Am also unable to keep up payments. I filed for bankruptcy and now my ex is coming after me for contempt of court. Do I have an obligation to pay house note? Can i go to jail for not/ I am the custodial parent and live in Ohio

Hi margie!

Welcome to forums!

If you have included the mortgage in your bankruptcy filing and got it discharged, then you're not personally liable for paying off the loan. You can contact an attorney and check out your rights in this regard.

Feel free to ask if you've further queries.

Sussane

My sister recently filed and apparently she never removed me off a loan that she had added me to back in 2003. I borrowed money from that account and then repaid it but she never removed me from it. Now that she has filed will I have to pay that debt off?

Hi Adrian,

As your name is mentioned in the mortgage docs, once your sister receives a discharge, you'll be liable for paying off the mortgage debts. The lender can come after you in order to recover the dues.

Thanks,

Jerry

my husband is filing bankrupcy. the house is in his name only with a mortgage with the bank and a second mortgage with a finance company
i signed the paper with the finance company. the home is worth more than what is owed. will they come after me and what if i do mnot have the money to pay it.

Hi Sinclair!

Welcome to forums!

If your name is not mentioned on the mortgage docs as one of the co-borrowers, then the lender won't come after you to recover the debt. If you're one of the borrowers of the mortgage, then the lender will come after you for the payments.

Feel free to ask if you've further queries.

Sussane

If you have filed the bankruptcy under chapter 7 then, you will not be able to protect your co-signer. However, if you have filed under chapter 13 then your co-signer will be protected by the automatic stay because it is assumed that you will continue to pay all your debts during the repayment plan. However, you should avoid filling bankruptcy as it can badly affect your financial future and property.


Get credit score for free at Creditscore.com