Posted on: 21st Aug, 2010 05:39 pm
My uncle may lose his home and wants to refi with me as co-signer. I feel compelled to help but wanted to file bankruptcy as I am recently separated and have been left with all the bills. If I file bankruptcy after I refi can the property be considered exemppt. I live in California. Or how long after I refi, can I file bankruptcy?
though you refinance the mortgage, it won't be considered as exempt. if the trustee finds that the property has equity above the exemption limits, he would sell off the property and pay off your creditors. as you're planning to file bankruptcy, in my opinion, it won't be a good option to refinance now.