Legal Question in Bankruptcy in Texas
Codebtor in bankruptcy
If a home is homesteaded and 2 parties non married own the home and one party is forced to file bankruptcy 7 or 13 will the codebtor be liable for any monies?
Asked on 1/08/01, 11:32 am
1 Answer from Attorneys
Lawrence Maun
Lawrence J. Maun, P.C.
Re: Codebtor in bankruptcy
If the co-debtor signed a promissory note in connection with purchase of the home, the co-debtor will continue to be liable on the note. While the homestead in Texas may be exempt from judgments, if it secures a promissory note used for its purchase, the lender has a right to foreclose if the note is not paid. L.Maun 713-266-2560
Answered on 1/12/01, 10:54 am
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