QUESTION
Can I file a Chapter 13 if I am a co-signer on a loan with my mother?
Asked on Sep 10th, 2015 on Bankruptcy - Michigan
6 ANSWERS
Chapter 7 or 13. Meet with a lawyer to discuss the pros and cons of each one.
Answered on Sep 15th, 2015 at 4:49 PM
When you file any bankruptcy, you must include ALL DEBT. All debt means just that. No games, no excuses!
Answered on Sep 15th, 2015 at 11:04 AM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
IF you are going to file a Ch. 13, then you must list all the debts, loans, claims and obligations you have, even if they are contingent upon someone else's action or omission, including co-signed debts. If a co-signed debt is going to be repaid at 100% through the Plan, then there should not be much of a problem. The principal debtor on the loan, of course, owes you the duty of staying current on the loan so that you will not be troubled by the creditor. Good Luck. If you do not have a skilled BR lawyer, you really should find one.
Answered on Sep 15th, 2015 at 10:22 AM
2 Awards
You must list all debt in your bk. if your mother is paying the consigned debt then it should not be a problem. However if this is your primary obligation and you will not be making the payments upon bankruptcy then she will be held liable.
Answered on Sep 15th, 2015 at 10:00 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Yes, you can file it. In some jurisdictions, the cosigner loan can be paid in full through the plan.
Answered on Sep 15th, 2015 at 10:00 AM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Yes, but she will remain liable for the debt. Seek counsel, learn your rights, obligations and options. If this pertains to Michigan you are welcome to contact Musilli Brennan Associates to engage us for potential counsel and representation.
Answered on Sep 14th, 2015 at 7:08 PM