How can I save myself from bankruptcy if I am a co-signer on my brother's home and now he's filing for bankruptcy? 7 Answers as of July 28, 2017

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Mauritz Van Niekerk, Attorneys at Law
Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
You can not they are going to come after you now.
Answer Applies to: New York
Replied: 7/28/2017
Ronald K. Nims LLC | Ronald K. Nims
Whether your brother's bankruptcy will force you into bankruptcy depends on how he is handling the house in bankruptcy. If he's paying on the house and eliminating any late payments, you have no problem. If he's walking away and allowing it to be foreclosed, you'll be liable for thousands.
Answer Applies to: Ohio
Replied: 7/26/2017
Stephens Gourley & Bywater | David A. Stephens
Be sure he is paying the home mortgage in the bankruptcy. If he is not, you will need to pay it or get released by the mortgage company.
Answer Applies to: Nevada
Replied: 7/26/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
Most of the time, if a home loan goes bad, the lender never sues to recover the money from a co-signer. However, you probably ought to talk to your brother about this matter, as most people who file bankruptcy chose to keep their homes and continue making the payments.
Answer Applies to: Nevada
Replied: 7/26/2017
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
You should be okay, depending on your answer to about 20 plus questions. Meet with a lawyer. Any lawyer worth their salt will charge you for the consultation.
Answer Applies to: Colorado
Replied: 7/26/2017
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    You seem to assume that your brother will surrender the house to the creditor if he files bankruptcy. This is not always so. Your brother is free to reaffirm his mortgage note, and so long as he continues to pay regularly, the creditor should not bother you. Or you can make a deal with the creditor to take over the payments, if you can afford it. Find an experienced bankruptcy lawyer in your locality to advise and represent you. It's almost always a good investment.
    Answer Applies to: Wisconsin
    Replied: 7/26/2017
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    That will not be a problem for you unless he is behind on the payments. That will be reflected on your credit report.
    Answer Applies to: California
    Replied: 7/25/2017
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