2007-03-18 11:10:37 · 14 answers · asked by montanagirl 2 in Business & Finance ➔ Credit
Yes - but in Chapter 13, there is a co-debtor stay - so that if she keeps paying as normal, you are still protected.
2007-03-18 15:56:43 · answer #1 · answered by DLeibowitz 5 · 0⤊ 0⤋
If your daughter files a chapter 13 bankruptcy, she will get a repayment plan from the bankruptcy trustee. This is a method of repaying all or a portion of her debt over a period of time. You do not say whether the loan is a secured or unsecured debt. Chances are, if it is a secured debt (e.g. car loan) she will repay it all and you will not have to pay it. If it is an unsecured debt, they will likely not come to you for repayment until after the chapter 13 bankruptcy is completed -3 -5 years.
Good luck.
2007-03-18 11:22:07 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Yes, you will be.
If she's filing for chapter 13, that means she is going to be repaying at least some of her debt. However, since you signed the contract too, the lender can hold you to the original payment agreement no matter what the trustee has her paying towards that loan.
Not to mention, if you DON'T make the payments, it's going to go on your credit report.
2007-03-18 11:13:44 · answer #3 · answered by Faye H 6 · 0⤊ 0⤋
Sorry, but YOU BETCHA!
Before she files, I have been able to show dozens of people who to
avoid bk. I was almost going to file
40 yrs ago and i am sure glad I did not.
why?
bk stays with a person 7 yrs and
yet, a debt can be paid off by
a new job, a court settlement/judgment, an investor
etc.
My rule is NEVER file BK.
UNDER no circumstances.
even if there are huge medical bills and no job, DO NOT file BK.
I can show you how to get daughter
out of her financial jam.
asap; get from the library,
Charles Givens book
"Wealth Without RISK."
yahoo gets upset with me giving out
my email address; not sure why.
find me and I will help you.
I have many newslists on yahoo groups; esp RE in Arizona and
similar.
2007-03-18 11:16:57 · answer #4 · answered by kemperk 7 · 0⤊ 2⤋
You need an attorney, fast. The creditors have to agree to the bankruptcy and if your name is on the loan...see a lawyer.
2007-03-18 11:13:53 · answer #5 · answered by dtwladyhawk 6 · 1⤊ 0⤋
Yes, since your daughter is defaulting, you will be held liable for the loan.
2007-03-18 14:21:03 · answer #6 · answered by Mariposa 7 · 0⤊ 0⤋
Not certain. I believe under chapter 13 she gets to keep her property as long as she sticks under a payment plan to repay around 70% of what she owes. I believe its chapter 13...its one form of bankrupsy that allows this. If this is the case-you might be OK.
2007-03-18 11:18:34 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Sorry but yes you are. You should never co-sign for anyone unless you plan on paying it yourself. That's why they needed a co-signer to guarantee they will be paid... Sorry :-(
2007-03-18 11:14:27 · answer #8 · answered by capnemo 5 · 1⤊ 0⤋
Yup , should have asked that question BEFORE you signed.
Better get your name off that loan pronto . . .
Ask her to reapply under just her name , if it has been awhile , they may do it.
Hopefully , you had some benefit from this loan and it wasn't just all for her .
2007-03-18 11:38:13 · answer #9 · answered by kate 7 · 0⤊ 0⤋
If she intends on walking away or settling (in other words, not pay per her contract terms) the company will come after you. You are not protected by her BK13.
2007-03-18 11:14:57 · answer #10 · answered by Esther R 2 · 1⤊ 0⤋