Legal Question in Credit and Debt Law in New York

My mom and my stepfather live together in paid in full co-op apartment, but legally divorced. About
a year ago, stepfather borrowed 80000 from someone and signed a paper that in case he wont be able
to return them in a year, he will sell the apartment and give back the money plus all legal fees and
interest. (He already paid about 20000 in interest only on this amount). He also maxed out my mom's
credit cards (close to 15000+ on them). My mom does not have the slightest idea what kind of
business he was going into, she just signed papers (please just accept the fact that she did).
Obviously there is no money to pay back. My mom is on SSI already, he drives a taxi twice a week. So
the question is what to do? Bankruptcy? Does she have to sell the apartment? Current market value of
it is about 200K or so, maybe 250K. This is her primary residence, but when they got divorced,
shares were split in half, so legally he still owns half of it.

Asked on 8/05/13, 8:12 am

David Slater David P. Slater, Esq.

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0 attorneys agreed

All he can sell is his share and no one would buy it.

Answered on 8/05/13, 8:17 am

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