Ask Experts Questions for FREE Help !
Ask
    theecontessa's Avatar
    theecontessa Posts: 9, Reputation: 1
    New Member
    		  
    #1

    Nov 28, 2007, 12:25 PM
    How does bankruptcy affect a joint borrower?
    My ex boyfriend filed bankruptcy, I did not. I am the joint/co borrow on several loans with him including a mortgage an auto loan and home equity loan. How does this affect me? Will I lose these? Does this affect my credit? :confused:
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Nov 29, 2007, 01:29 PM
    Quote Originally Posted by theecontessa
    My ex boyfriend filed bankruptcy, I did not. I am the joint/co borrow on several loans with him including a mortgage an auto loan and home equity loan. How does this affect me? Will I lose these? Does this affect my credit? :confused:

    If you are the co-borrower and he defaults for any reason the debts become yours. You would both have to file in bankruptcy in order to "erase" the joint debts.

    And if you are joint and the payments have been late it's probably already refected on your credit report. His late payment becomes your late payment.
    theecontessa's Avatar
    theecontessa Posts: 9, Reputation: 1
    New Member
    		  
    #3

    Dec 3, 2007, 12:02 PM
    I've been paying for the house and car by myself for the past two years, and do not have contact with him. If I continue to make the payments do I still get ot keep the house and car? I'm so confused and lawyers want money just to consult with them. Thanks.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #4

    Dec 3, 2007, 12:20 PM
    Quote Originally Posted by theecontessa
    I've been paying for the house and car by myself for the past two years, and do not have contact with him. If I continue to make the payments do I still get ot keep the house and car? I'm so confused and lawyers want money just to consult with them. Thanks.

    I wouldn't fool around with this - I would get legal advice. A mistake on your part would be costly.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Will personal Chap 13 bankruptcy affect my sub-S corporation in any way? [ 2 Answers ]

I am a part-owner in a sub-S corporation and may have to file C13 bankruptcy protection. I will definitely do anything I can to avoid C7 as I make okay money and I owe the debts I have w/out dispute. I do not want them voided out on the rest of us. Anyway, it is my understanding that under C7,...

If my husband file a bankruptcy will that going to affect me [ 5 Answers ]

I got married 10 months ago. I still live in Canada waiting for my Immigration papers. If my husband file a bankruptcy Will that affect my credit and Immigration papers. In this case will he still sponsor me. His net income is 3300/mth. Do they include as a asset my car which I own before get...

Ex husbands debt and certain bankruptcy. How will that affect our real estate? [ 6 Answers ]

My ex husband has a lot of unpaid debt that occurred after he was put on a very long administrative leave without pay. He has creditors calling him and I am certain that soon they will file a civil case against him. If they file a case against him can they take the house that we both purchased...

View more questions Search