Posted on: 28th Feb, 2009 10:56 am
i claimed chapter 7 and the judge would not reaffrim the debt my dad is a co-signer and they called and asked for the car back we have made ever paymnet on time, if we let them have the car back is my dad still liably.
hi billie,
once the chapter 7 bankruptcy is discharged, the borrowers are no longer personally liable for the payment of the dues. however, if you reaffirm the mortgage, then you will have to make regular payments towards the mortgage. if you don't make the payments, the lender will have the right to foreclose the property.
as far as the car is concerned, i guess, the bankruptcy trustee will sell it in order to satisfy the dues of the creditors. once the dues of the creditors are satisfied, then your father will not be liable for anything.
thanks
once the chapter 7 bankruptcy is discharged, the borrowers are no longer personally liable for the payment of the dues. however, if you reaffirm the mortgage, then you will have to make regular payments towards the mortgage. if you don't make the payments, the lender will have the right to foreclose the property.
as far as the car is concerned, i guess, the bankruptcy trustee will sell it in order to satisfy the dues of the creditors. once the dues of the creditors are satisfied, then your father will not be liable for anything.
thanks