Legal Question in Bankruptcy in Texas
After filing a Chapter 11 bankrupcy over 9 years ago, all creditors had opportunity to file against up. Our credit union did not. After all papers signed, thy went after my father in law for a loan he co-signed so we changed the papers and included this loan. After the successful bankrupcy we were told we had to wait 3 months before we would be open members again. After that, we were informed we could not use credit union until another loan was paid. Is this legal
1 Answer from Attorneys
The bankruptcy of one person does not discharge the liability of another person who did not file. Here is an article discussing the liability of co-signors:
http://ezinearticles.com/?Are-My-Co-Signors-Responsible-For-the-Loan-If-I-File-Bankruptcy?&id=4069809
If your father-in-law was a co-signer on a loan and you discharged your liability in a bankruptcy, it has no effect on your father-in-laws liability and he would theoretically still owe the debt.
Rustin Polk
www.214bankruptcy.com
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