QUESTION
What will happen to me if my property co-owner (not married) files for Chapter 13 and surrenders his second property?
Asked on Nov 15th, 2012 on Bankruptcy - Indiana
More details to this question:
It's a 5 year plan - will I be sued or responsible for all payments?
8 ANSWERS
There are not enough facts presented to answer your question. What do you want to do, what can you afford to do and does the property have any value above and beyond the amount owed to the mortgage company?
Answered on Apr 30th, 2013 at 11:28 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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The answers depend on many issues. It is important that you talk to a competent bankruptcy attorney to determine your rights and obligations. You don't mention where you live so I can only refer you to a generic source: www.NACBA.org (National Association of Consumer Bankruptcy Attorneys). Make sure to ask for referrals to a creditor's attorney. My best to you.
Answered on Apr 30th, 2013 at 11:25 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Yes, you will be responsible for all payments.
Answered on Nov 21st, 2012 at 7:12 AM
To be honest, I am not sure about your situation. If you are not married and he surrenders mortgaged property that you are a co-owner on, if the property sells for less than is owed, you can bet someone will be knocking at your door for the difference, assuming you are also on the loan.
Answered on Nov 19th, 2012 at 3:50 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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You will owe the debt if you did so previously.
Answered on Nov 19th, 2012 at 3:47 AM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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If you want to keep the house, you have to pay the mortgage.
Answered on Nov 19th, 2012 at 3:42 AM
Your co-owner's intent will decide what will happen to you. If you are both on the loan, then you will be liable if he doesn't pay. If you are not on the loan, then you would still not be liable. If he plans on paying for the property you both own, then you will probably be protected. You should seek the advice of an bankruptcy attorney to discuss your situation and options. Most bankruptcy attorneys offer free consultations.
Answered on Nov 19th, 2012 at 3:42 AM
William H. Von Willer
If you are on the mortgage and note you are responsible for the payments if you want to keep the property. You do not indicate if the co-owner is paying on the property in the 13.
Answered on Nov 19th, 2012 at 3:40 AM