QUESTION
If file chapter 7 and wanted to continue making my payments on car, attorney had me sign affirmation, does it affect my co borrower?
Asked on Dec 22nd, 2016 on Bankruptcy - New York
More details to this question:
I filed chapter 7 have 2 cars in my daughter as a co-borrower. I spoke with car loan officer they informed to fax information and that I am going to continue the payment. I went to my attorney that same day he had me signed reaffirmation. He never explained what the reaffirmation meant. I assure it was same thing as what the car loan office wanted and that the cars were not part of the bankruptcy. What are my options now? Would you suggest file bankruptcy for my daughter since she is only 24?
4 ANSWERS
Have your daughter schedule a meeting with a lawyer.
Answered on Feb 22nd, 2017 at 4:39 PM
I am amazed that you did not READ the agreement before you signed it, as it completely explains what it is. It is a contract stating that you remain legally obligated for the debt as if you had never filed bankruptcy.
Answered on Feb 21st, 2017 at 6:52 AM
No, the co-debtor would have been liable anyway so it is better to sign the reaffirm and make the payments.
Answered on Feb 20th, 2017 at 7:10 AM
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First and foremost: you have a lawyer; consult him or her. The document you probably signed is called a reaffirmation, but that may not make much of a difference. As a strictly legal matter, if you cosignor did not sign the reaffirmation, then their obligation remains exactly what it was before you filed your chapter 7. As a practical matter, if your reaffirmation ? like most ? calls for you to resume making the scheduled contract payments, then the creditor has no incentive to try to collect from your co/signer, and in all likelihood would not trouble that person.
Answered on Feb 20th, 2017 at 7:10 AM