Posted on: 06th Dec, 2008 05:04 pm
Who is responsible for the dept if the primary owner files bankruptcy and the co-owner does not. Is the co-owner responsible for the dept?
Hi Guest!
Welcome to forums!
As far as I know, it is the primary borrower who is responsible for paying off the debts. If the co-owner's name is not on the mortgage docs, then he/she cannot be made responsible for it. But if the co-owner wants to save the property then, he/she can pay off the debt.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I know, it is the primary borrower who is responsible for paying off the debts. If the co-owner's name is not on the mortgage docs, then he/she cannot be made responsible for it. But if the co-owner wants to save the property then, he/she can pay off the debt.
Feel free to ask if you have further queries.
Sussane