Legal Question in Bankruptcy in Virginia

Coowner of mobile home wishing to file bankruptcy

My significant other has decided that he needs to leave the country to take care of his ill mother. I cannot afford the trailer by myself and am unable to sell it due to the fact that $11,000 more than it is valued at is owed. I am a cosigner and they refuse to sign it to me since my debt to income ratio is so high. I also am not able to obtain a transfer of title whihit hard to sell in my name only. Am I able to file bankruptcy on the trailer? What repercussions will it have on the owner should he decide to return and apply for credit?


Asked on 3/03/98, 8:23 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Bankruptcy and trailer

You can file bankruptcy and discharge your obligation to pay for the trailer, or possibly toto enable you to pay it off for its value rather than the loan amount, plus a small portion of the unsecured excess. However,you file bankruptcy on all of your debts, notjust particular debts. If your co-borrowerdoes not continue to pay, it will affect hiscredit. You should consult a bankruptcy lawyer for details (do NOT try to file bankruptcy without a lawyer).

We practice bankruptcy law in Virginia. Feelfree to call or e-mail if you have further questions.

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Answered on 3/05/98, 10:48 am


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