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My situation is My older brother needed my help. He had asked me to cosign for a house and promised he will take responsibility of the payments. I recently found out he haven't paid for the house for 4years. He moved out and the house became empty. He told me he was putting the house on foreclosure, wasn't sure if he did. He later says he is filing bankruptcy. He called me telling me that he tried and don't qualify to file bankruptcy on the house. Confused and wasnt sure if he is not telling me the truth what's going on with the house. I do not have any statements or foreclosure's claims etc because it is all sent to him. I am a cosigner, will there be any luck to continue with this house and the payments? If not, should I file bankruptcy because of the debt. My brother doesn't want to get rid of the house and at the same time, he doesn't want to do any payments. What can I do to save myself without being trap under my brother and or being in debt?
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Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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You would have to consult with a bankruptcy attorney to find out what your options are. There are no simple answers to questions like yours. Is it your home or your brother's that you want to save? If you have another house that is your home, you are able to claim that it is exempt from the claims of creditors, like the debt on your brother's house. They cannot force a sale of your home to satisfy the debt.
Answered on May 29th, 2012 at 6:49 PM