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Question on Ch. 7

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    #1

    Question on Ch. 7

    I just stumbled upon this board today and it is very comforting to know that I am not alone.

    I have about $40000 in credit card debt and a $20000 loan (that is co-signed with my mother in law). I have a house and a car as well. I am wondering if I can just include the credit cards in my bankruptcy and continue paying on the loan (I don't want to screw up her credit) as well as the house and car. Will this show on her credit?

    Thanks,

    Christine
    Tags: None
    #2
    You're better off refinancing your "MIL" out of the loan she co-signed for you.
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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      #3
      I don't think there is anyway I can do that. My debt is SO high I cannot imagine anyone would finance me.

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        #4
        According to the law you're not allowed to pick and choose creditors/debts that you want and don't want in your BK. If you plan on having an attorney go your BK petition for you. Then just explain to him/her the situation and see if they're willing to forget to include this particular debt in your petition.
        The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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          #5
          I think I am going to give that a try. It is really my only option (unless I want my MIL to blow a gaskit!

          Thanks!

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            #6
            Christine, when you file for chpt 7. Is mandatory that you list all you debtors including your mortgage and car loan....now what happens is that the court knows you need a place to live and a car to get to work...you will need to file a reaffirmation form with your car loan and your mortgage loan.....as to the loan with your MIL it will be under her name only and you have to file a different form for that loan with her current info so they can send her the new statements....even if you don't do that the creditor will come after her for payments. Now she's reponsible for the loan...of course on paper....but you can have an oral agreement with her on paying it back. This will not affect her credit, what might happen is that the credit report companies will think that you both file for bankrupcy and might put that on her reports(sometimes it happens sometimes it doesn't) which can be cleared up with a couple of forms on line.....good luck a hope this helps...


            Wes

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