Legal Question in Bankruptcy in New York

Being a co-signer and needing to file bankruptcy after a judgment is obtained ag

I co-signed a car loan for my brother and his wife two years ago and along with that debt (which they cannot repay) I have other outstanding credit card debt, a car loan and a mortgage. The car loan is really a side loan from my mortgage. I wanted to find out if I do file bankruptcy and it is not done until the Judgment is filed against me for being a co-signer, will this affect my brother and his wife? The debt collection agency said they were only coming after me and not them. I also wanted to know if I can keep my home and car but wipe out the other unsecured debts. I also have a 401K that I wanted to know if I would be able to keep. And the last part of my question is will I be able to qualify for student loans if I decide to return to college for career advancement opportunities.


Asked on 9/11/03, 12:57 pm

2 Answers from Attorneys
Neil Colmenares The Law Office of Neil E. Colmenares, P.C.

Re: Being a co-signer and needing to file bankruptcy after a judgment is obtaine

There are certainly things that can be done depending on the circumstances. Please call my office to schedule a consultation at 718-888-3108. The number of questions I would need you to answer to beyond the scope of a single e-mail. I look forward to hearing from you.

Very truly yours,

Neil E. Colmenares, Esq.

718-888-3108

Read more
Answered on 9/11/03, 6:03 pm
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Being a co-signer and needing to file bankruptcy after a judgment is obtaine

This must be very hard on you - having a family member let you down like this.

Bankruptcy is one way to handle this problem, but not the only one. I can easily answer that a bankruptcy will have no impact on your future student loans. However, the impact on your house depends on how much equity you have in it. the 'Homestead Act' protects your home only up to a certain amount.

Your zip code suggests syracuse. Find a capable attorney and made an appointment. Don't do this by yourself. There are too many issues/questions.

You are welcome to a consultation for no fee at my offices at 42 West 44th Street, NY,NY. Please call for an appointment first. (646)591-5786 or (718) 729-2029

Read more
Answered on 9/11/03, 6:27 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in New York