One of my creditors is a line of credit that I share with 3 other family members. They have continued to pay...never missed a payment, but they are listed as codebtors in my plan. Is their credit at any risk as long as the payments stay current? And what happens to the line when I'm discharged? Since I'll no longer be on it, does the bank have the right to call the loan or ding their credit because of my default? I've been in for almost two years and the question just came up. No dings on their reports as of yet.
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No. You filing bankruptcy does not affect their credit - only your own.Originally posted by doublestop1 View Post
When the original line of credit loan was drawn up, were there any clauses included in the contract about what would happen if one of the four of you defaulted or filed bankruptcy?And what happens to the line when I'm discharged? Since I'll no longer be on it, does the bank have the right to call the loan or ding their credit because of my default?I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
Thanks so much for the reply. Helpful info. I'll look up those loan docs and see how it addresses BK.Comment
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