QUESTION

How can I save myself from bankruptcy if I am a co-signer on my brother's home and now he's filing for bankruptcy?

Asked on May 04th, 2017 on Bankruptcy - Ohio
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5 ANSWERS

Bankruptcy Attorney serving Schenectady, NY
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You can not they are going to come after you now.
Answered on Jul 28th, 2017 at 8:34 AM

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You seem to assume that your brother will surrender the house to the creditor if he files bankruptcy. This is not always so. Your brother is free to reaffirm his mortgage note, and so long as he continues to pay regularly, the creditor should not bother you. Or you can make a deal with the creditor to take over the payments, if you can afford it. Find an experienced bankruptcy lawyer in your locality to advise and represent you. It's almost always a good investment.
Answered on Jul 26th, 2017 at 6:22 AM

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You should be okay, depending on your answer to about 20 plus questions. Meet with a lawyer. Any lawyer worth their salt will charge you for the consultation.
Answered on Jul 26th, 2017 at 6:22 AM

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Bankruptcy Attorney serving Las Vegas, NV at A Fresh Start
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Most of the time, if a home loan goes bad, the lender never sues to recover the money from a co-signer. However, you probably ought to talk to your brother about this matter, as most people who file bankruptcy chose to keep their homes and continue making the payments.
Answered on Jul 26th, 2017 at 6:22 AM

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Commercial & Bankruptcy Law Attorney serving Powell, OH at Ronald K. Nims
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Whether your brother's bankruptcy will force you into bankruptcy depends on how he is handling the house in bankruptcy. If he's paying on the house and eliminating any late payments, you have no problem. If he's walking away and allowing it to be foreclosed, you'll be liable for thousands.
Answered on Jul 26th, 2017 at 6:19 AM

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