QUESTION
How do I or where do I list the co-signed loan for a friend to get a house in my chapter 7 bankruptcy?
Asked on Aug 14th, 2014 on Bankruptcy - Texas
More details to this question:
I co-signed on a loan for a friend to get a house I don't know where the person is now and the statue of limitations is August 2014 and the loan has been transfer from the lender and no one seems to know anything about it. How do I or where do I list this on a chapter 7 bankruptcy am filing without a lawyer and this is holding me up?
7 ANSWERS
If the property has not been foreclosed on, you list the property on Schedule A, the mortgage debt on Schedule D and your friend on Schedule G. Use the best name & address you can find for the mortgage company. Your credit report may be a good place to start.
Answered on Aug 18th, 2014 at 6:34 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Assuming your name isn't on the deed to the house, you would list the loan as an unsecured, nonpriority creditor on schedule F. If the loan has been transferred, the transfer should be recorded at the county records office. If the transfer hasn't been recorded, then just list the original lender.
Answered on Aug 18th, 2014 at 7:05 AM
2 Awards
Just list it on schedule f. It should be on your credit report.
Answered on Aug 15th, 2014 at 5:39 PM
Debt Settlement Attorney serving San Diego, CA
at
Law Offices of Kathryn Tokarska
Update Your Profile
I assume that you are a CA resident and that the subject of this question, the property, is located in state of California. I will answer your question but based on the limited information you provided I must warn you that filing without legal representation in this scenario could have unexpected consequences and I strongly urge you to invest in the process rather than taking the risk. Before filing the case, an attorney would do some further research including confirming the status of this debt and a potential asset in your case.
Answered on Aug 15th, 2014 at 5:36 PM
Domestic Law Attorney serving Vista, CA
at
Ralph L. Williams
Update Your Profile
You need to pull a copy of your credit report, go to annualcreditreport.com to obtain one. The loan should be listed on your credit report. If it is not included in your credit report then use the last known lender and address. If the loan was secured by real property the debt would be listed on Schedule D as a secured debt and if it was not secured the debt would be listed as an unsecured debt on Schedule F. You should also determine if you were on the property title as having an interest in the property and has the property been foreclosed on.
Answered on Aug 15th, 2014 at 12:22 PM
Bankruptcy Attorney serving Walnut Creek, CA
at
Alan E. Ramos Law Offices
Update Your Profile
You could list the loan on Schedule F (checking the box that the debt is contingent). You may want to state in the listing that you are a co-signer on the loan. I can't speak to the statute of limitations issue as that would require a review of the documents and an analysis of the facts.
Answered on Aug 15th, 2014 at 12:19 PM
Immigration Attorney serving Arlington, TX
at
Law Office of Pho Ethan Tran, PLLC
Update Your Profile
The mortgage loan that you co-signed for your friend should be listed on schedule F of the petition as an unsecured debt, unless the debt is secured by collateral.
Answered on Aug 15th, 2014 at 12:17 PM