Legal Question in Bankruptcy in Michigan
Repossesion
What are my rights with a reposession? My wife had a manufactured home which she cosigned for. Now the guy that she cosigned for is filing Bankruptcy. They said they would settle for 11,000.00. I offered 1500. to single party settle. Can they refuse this offer and make us pay the enire amount?
Asked on 1/02/07, 3:03 pm
1 Answer from Attorneys
Rochelle Guznack
Law Offices of Rochelle E. Guznack, PLLC
Re: Repossesion
Yes, they can. A bankruptcy debtor can protect a co-signer by agreeing to pay 100% of the debt in the bankruptcy. In a Chap. 7, the debt can be reaffirmed. In a Chap. 13, the debtor would pay 100% of the secured debt, subject to approval by the trustte and court. Or, if appropriate, your wife can file for bankruptcy to discharge that debt and other debts.
Good luck.
Answered on 1/03/07, 9:05 am
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