Posted on: 13th Apr, 2011 02:49 am
My father is a cosigner on my mortgage....I make all payments, have never been a day late and FULLY plan to continue paying it as usual.
Is it true that if I file chapter 7, he would be informed that I filed, but if I file Chapter 13, this would eliminate him finding out that I filed? My biggest hesitation in filing is him finding out. Thank you!
Is it true that if I file chapter 7, he would be informed that I filed, but if I file Chapter 13, this would eliminate him finding out that I filed? My biggest hesitation in filing is him finding out. Thank you!
Hi Seahorse,
I haven't heard anything as such. As far as I know, your father will be informed in both the cases. If you file bankruptcy and do not reaffirm the loan, then he will become solely responsible for the mortgage. In case of Chapter 13, you'll receive a payment plan and you'll have to pay off the debt as per that plan.
Thanks,
Jerry
I haven't heard anything as such. As far as I know, your father will be informed in both the cases. If you file bankruptcy and do not reaffirm the loan, then he will become solely responsible for the mortgage. In case of Chapter 13, you'll receive a payment plan and you'll have to pay off the debt as per that plan.
Thanks,
Jerry
I would definitely reaffirm the mortgage loan if I did Chapter 7. Would he still be notified? If I did Chapter 13, the payment plan would be just for credit cards and my mortgage would be paid by me as usual. Would he still be notified? Thank you!
Hi seahorse,
As you will reaffirm the mortgage after Chapter 7, you'll be personally liable for paying off the debts. But I guess, in both the cases, the co-signer may be informed about your bankruptcy filing.
Thanks
As you will reaffirm the mortgage after Chapter 7, you'll be personally liable for paying off the debts. But I guess, in both the cases, the co-signer may be informed about your bankruptcy filing.
Thanks