QUESTION
What happens if I cosign for a friend who filed bankruptcy after?
Asked on Jan 06th, 2017 on Bankruptcy - Wisconsin
More details to this question:
I got a line of credit for my friend. I am the cosigner. Now, he's not paying so I filed a civil suit. He informed me that he filed chapter 13 about year ago and his lawyer said he could add it to bankruptcy. Is there anything I can do?
6 ANSWERS
Without looking at his court file, it is impossible to advise you. Unfortunately, any lawyer worth their salt will charge you for the consultation.
Answered on Mar 07th, 2017 at 4:48 AM
File a claim in the chapter 13 and stop cosigning debts for others.
Answered on Mar 06th, 2017 at 5:18 AM
they will come after you so you might have to file bankruptcy also?
Answered on Mar 06th, 2017 at 5:18 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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While in general he could add you as a creditor to the BR, here may be exceptions, as in the case where you already relied on his not listing you (and hence you sued him) or you did not have notice of his BR-which you did not until recently. Retain a well-informed BR lawyer; it's almost always worth the investment.
Answered on Mar 03rd, 2017 at 5:37 PM
You have to make sure your claim gets filed with the court, and it might require the debtor's attorney to ask the court to accept it even though untimely. If the claim is not allowed, you should get an attorney because you can challenge the dischargeability of the debt.
Answered on Mar 03rd, 2017 at 5:37 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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Were you listed in the Chapter 13 bankruptcy petition? You should review the petition to see if you were or were not listed. If not listed, which you may not have been since you are saying the bankruptcy was filed about one year ago and you did not know about it, you might be able to file a proof of claim, which might entitle you to some payment, or an adversary proceeding for a ruling that your claim is nondischargeable because of the Debtor's failure to schedule it, etc. You should consult an attorney to protect your rights.
Answered on Mar 03rd, 2017 at 5:37 PM