Legal Question in Bankruptcy in Tennessee

co-signers and bankruptcy

Here's the situation I have a condo that my mother co-signed for the purchase of I also have a car that was refinanced with the said condo as partial collateral. Total I have @ 100,000 in debt the condo is worth 59000 the car 15000 and 21000 owed. The rest is in credit card debt. I lost my job and can no longer make any of the payments. The condo is rented and making the payments however I can not make the credit card payments nor the car. I am considering filing bankruptcy chapter 7. How will this effect my mother? What options are there?


Asked on 3/25/00, 11:38 pm

1 Answer from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: co-signers and bankruptcy

You mother will remain responsible for any debt she co-signed on if you go BK. if all you mom did is co-sign on the condo and if you are up to date on the payments and are keeping the condo, then the BK will not affect your mother.

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Answered on 3/29/00, 1:54 am


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