QUESTION

If my husband files chapter 7 bankruptcy will I still be responsible for our time share if I'm the co signer?

Asked on Apr 17th, 2013 on Bankruptcy - Virginia
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1 ANSWER

Bankruptcy Law Attorney serving Warrenton, VA at New Day Legal
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Yes.  If you co-sign a loan, then you are still liable if the other co-signor files for bankruptcy and obtains a discharge of their obligation.   It is possible that the creditor, when receiving notice of your husband's bankruptcy, will stick the file into a drawer labeled "bankruptcy", which means that they won't come after you.   However, this may end when someone looks closer at that file in the future.  Or, they may simply continue to come after you after his bankruptcy is over in 90 to 100 days after he files.   Bottom line, you are still responsible.
Answered on Apr 22nd, 2013 at 7:37 PM

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