Legal Question in Bankruptcy in Texas
rights of co-signer
I am a co-signer on a mobile home loan. The signer is filing Chapter 13 bankruptcy, will the creditor come after me to pay off the loan
Asked on 1/05/05, 12:14 pm
2 Answers from Attorneys
Austin Nimocks
Austin R. Nimocks & Associates, P.L.L.C.
Re: rights of co-signer
Yes. You should consult a bankruptcy attorney about filing your own claim against the other signer in bankruptcy court to try and recover some of what you'll have to pay.
Answered on 1/05/05, 12:33 pm
Robert DeMarco
DeMarco-Mitchell, PLLC
Re: rights of co-signer
Chapter 13 (specifically 11 USC sec. 1301) provides for a codebtor stay with certain exceptsion. For example, if you, instead of the debtor, received the benefit from the loan or the debtor's plan proposes not to pay that creditor. You should consult with a local bankruptcy attorney for specifics.
Answered on 1/05/05, 5:59 pm
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