How do I file bankruptcy if my parent's name is on some of my loans?
My father put his name down on some of my loans and I am worried that the bankruptcy will bring his credit score down. I don't particularly want him to find out either. What should I do?
Answered By: Mercado & Hartung, PLLC
It won't affect his credit but he will likely get notice bc you have to schedule co-debtors.
Answer Applies to: Washington
Replied: 1/19/2012
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Answer Applies to: Washington
Replied: 1/19/2012
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Answered By: Indianapolis Bankruptcy Law Office of Eric C. Lewis
A person's bankruptcy does not affect the credit of a co-signer when the underlying loan is kept in good standing and not in default.
Answer Applies to: Indiana
Replied: 12/14/2011
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Answer Applies to: Indiana
Replied: 12/14/2011
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Answered By: Moore Taylor & Thomas PA
He will need to receive notice.
Answer Applies to: South Carolina
Replied: 12/7/2011
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Answer Applies to: South Carolina
Replied: 12/7/2011
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Answered By: Bankruptcy Law office of Bill Rubendall
If you file bankruptcy your co-signer will remain obligated to pay the loan according to its terms. A bankruptcy does notalterthe credit report of a non-filer. You should inform your co-signer of the bankruptcy filing by listing them in schedule H of the petition.
Answer Applies to: California
Replied: 12/6/2011
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Answer Applies to: California
Replied: 12/6/2011
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Answered By: Guardian Law Group PLLC
You can file bankruptcy but he will get notice of it and he will still be liable on the loans and would have to make the payments(or you still make the payments even though you are not legally required to do so).
Answer Applies to: Utah
Replied: 12/6/2011
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Answer Applies to: Utah
Replied: 12/6/2011
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Answered By: Tony M. May Attorney At Law
If you file for bankruptcy and your father co-signed for you on some of your loans, you may be discharged from having to pay the loans, but your father will remain responsible for paying off the loans. The creditors will likely go after your father as soon as you file for bankruptcy and stop paying.
Answer Applies to: Nevada
Replied: 12/6/2011
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Answer Applies to: Nevada
Replied: 12/6/2011
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Answered By: The Law Offices of Kristy Qiu
If he's only a guarantor of the loan, or co-signer, he will become liable for the remaining balance once you declare bankrupt. Unless you file a chapter 13 reorganization and repay these loans 100%.
Answer Applies to: Florida
Replied: 12/6/2011
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Answer Applies to: Florida
Replied: 12/6/2011
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Answered By: Janet A. Lawson Bankruptcy Attorney
He will find out and if the loans are not paid he will have to pay them to keep his credit score in tact. You need to go talk to him.
Answer Applies to: California
Replied: 12/6/2011
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Answer Applies to: California
Replied: 12/6/2011
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Answered By: Charles Schneider, P.C.
Pay the debt otherwise he remains responsible for the debt. The risk of your poor credit and likely bankruptcy is why he had to cosign.
Answer Applies to: Michigan
Replied: 12/6/2011
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Answer Applies to: Michigan
Replied: 12/6/2011
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Answered By: Benson Law Firm
If you file bankruptcy, any co-debtors on your outstanding debt will be entitled to notice of the bankruptcy. However, the only way your father's credit score will be impacted by these loans is if they are not timely paid. Even though the loans may be discharged as to you, your father will remain liable for the debt and any payment history will be reported on his credit report.
Answer Applies to: Ohio
Replied: 12/6/2011
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Answer Applies to: Ohio
Replied: 12/6/2011
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Answered By: Law Office of Lynnmarie A. Johnson
If your father's name is on some of the loans, you will want to reaffirm those loans or set up some kind of payment arrangement, otherwise he will become responsible for making the payments. He will have to know about it because you must provide the address and names of any co-debtors and the court will send them a notice. Sorry..
Answer Applies to: Michigan
Replied: 12/6/2011
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Answer Applies to: Michigan
Replied: 12/6/2011
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Answered By: Sanders Law, P.A.
Your father would still be responsible for the debts he co-signed for and since he is considered a co-debtor, he is supposed to be notified that you filed bankruptcy.
Answer Applies to: Florida
Replied: 12/6/2011
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Answer Applies to: Florida
Replied: 12/6/2011
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Answered By: Charles R. Nettles - Attorney at Law
There is no way around the problem you describe. You are both liable on the debt. If you file bankruptcy to get rid of it, they will come after him. If you continued to pay them after filing, there would only be a notation on his file that you had filed.
Answer Applies to: Texas
Replied: 12/6/2011
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Answer Applies to: Texas
Replied: 12/6/2011
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Answered By: The Law Office of Darren Aronow, PC
He will be just as liable for that debt so even if your discharged in a chapter 7 bankruptcy, he will still be liable for the full debt since he co signed.
Answer Applies to: New York
Replied: 12/6/2011
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Answer Applies to: New York
Replied: 12/6/2011
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Answered By: Selleck Legal, PLLC
Your father will be notified because he will be listed as a co-signer in your schedules. Your liability for the debts that he cosigned on will be eliminated however, they can (and likely will) still go after your father to collect on the debt which he cosigned for you.
Answer Applies to: Michigan
Replied: 12/6/2011
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Answer Applies to: Michigan
Replied: 12/6/2011
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Answered By: Law Office of Michael Johnson
There is nothing you can do. He cosigned for the loans and therefore he is obligated on the loans.
Answer Applies to: Florida
Replied: 12/6/2011
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Answer Applies to: Florida
Replied: 12/6/2011
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Answered By: Law Offices of Michael B. Fisher
If you have a co-signer on a particular debt this will need to be listed on your Schedule H (list of co-debtors). It will not affect your co-signer's credit. However, they will be notified of the bankruptcy filing. Additionally, while you will have your obligation to pay that particular debt discharged so you are no longer responsible for it (unless you "reaffirm" that debt), your co-signer will remain legally responsible for such debt.
Answer Applies to: New Hampshire
Replied: 12/6/2011
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Answer Applies to: New Hampshire
Replied: 12/6/2011
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Answered By: Rhonda R. Werner Schultz, PL
Because your father is a co-signor on your debts, he will be notified of your filing bankruptcy and the creditors will pursue him to collect on the debts because they will not be able to pursue you. You should discuss this with your Father so he is aware of the consequences of your filing.
Answer Applies to: Wisconsin
Replied: 12/6/2011
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Answer Applies to: Wisconsin
Replied: 12/6/2011
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Answered By: Mazyar Hedayat and Associates
You ask what happens to a co-debtor when you file bankruptcy, and whether you can file without alerting your co-debtors. To begin with, when you file bankruptcy creditors can no longer demand payment from you, so they demand it from your co-debtor. That is a dead giveaway that you've filed. Moreover, the Bankruptcy Code requires that co-debtors be identified in your filing and given notice. Any way you look at it, you will have to deal with co-debtors when filing bankruptcy.
Answer Applies to: Illinois
Replied: 12/6/2011
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Answer Applies to: Illinois
Replied: 12/6/2011
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Answered By: Eranthe Law Firm
You will have to list your father as a co-signer and he will be notified of the bankruptcy. He will also be liable to pay any loans that he signed on if you do not pay. The bankruptcy should not impact his credit score but if he doesn't make good on the loans it will significantly reduce his credit score. The creditors will go after him if you bankrupt on the loans that he cosigned. The only way to protect your father is for you to pay the loans. .
Answer Applies to: California
Replied: 12/6/2011
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Answer Applies to: California
Replied: 12/6/2011
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Answered By: Law Office of Robert Sisson
You would file bankruptcy in your own name. However if your parents cosigned for.any of.your loans, which u will be discharging in your bankruptcy. Be aware that the lender could.go after them for the Amt u are obligated for.
Answer Applies to: Wisconsin
Replied: 12/6/2011
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Answer Applies to: Wisconsin
Replied: 12/6/2011
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Answered By: Law Offices of James Wingfield
The answer to your main question is that you simply file as you would if your father had not co-signed on your loans. With that said, your father absolutely must get notice of the bankruptcy and must be listed on Schedule H as a co-debtor. If the debt is discharged in bankruptcy the creditor will have no one else that they can legally look to for collection but your co-signing father. If the debts you are concerned about are non-dischargeable (such as student loans), then the debt will not be discharged and the creditor will still be able to collect from you. In any event even if the debt is discharged, you may still, if you so choose, pay some or all of your debts you just cannot be legally compelled to do so.
Answer Applies to: Massachusetts
Replied: 12/6/2011
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Answer Applies to: Massachusetts
Replied: 12/6/2011
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Answered By: Anthony Saunders Esq., PLLC
Unfortunately there is no way for him not to find out if his name is on some of the loans. Only your debt can be discharged in the bankruptcy and not the debt of others. If your father's name is on the loans, they will contact him to get the money. In addition, you will be required to provide notice of your bankruptcy to interested parties, and with your father's name on your loans, he will be considered an interested party and will receive notice. You should speak to a qualified bankruptcy attorney about this.
Answer Applies to: Utah
Replied: 12/6/2011
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Answer Applies to: Utah
Replied: 12/6/2011
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Answered By: Harkess and Salter, LLC
If you file bankruptcy you must list your co-debtors (such as your father). Additionally, when you stop paying your debts, the creditors will seek payment from your father. That is what co-signing is all about. He promised to pay if you don't.
Answer Applies to: Colorado
Replied: 12/5/2011
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Answer Applies to: Colorado
Replied: 12/5/2011
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Answered By: Law Offices of Robert P. Taylor
If your Dad co-signed or is joint on an account, he will find out and he will be responsible for the balance. In fact, you need to list him on your bankruptcy and give him notice as a co-debtor.
Answer Applies to: California
Replied: 12/5/2011
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Answer Applies to: California
Replied: 12/5/2011
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Answered By: Grace Law Offices of John F Geraghty Jr.
Your fathers credit can be effected so you need to discuss those bills with him.
Answer Applies to: Georgia
Replied: 12/5/2011
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Answer Applies to: Georgia
Replied: 12/5/2011
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Answered By: Weber Law Firm, P.C.
Your bankruptcy filing will not affect the credit rating of your relative, even if they are also liable on the same debt. However, if they are also liable, they will need to be listed as co-debtors and will be notified of the bankruptcy filing.
Answer Applies to: Texas
Replied: 12/5/2011
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Answer Applies to: Texas
Replied: 12/5/2011
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Answered By: The Stockman Law Office
The bankruptcy filing does not effectyour father's credit. However, his obligation to pay the debt will continue after yours is discharged by the bankruptcy proceeding. Therefore, you will either pay the debt where your fatherco-signed voluntarily after the discharge, or the creditor will notify him, and give a negative report to the credit bureau regarding your father.
Answer Applies to: Florida
Replied: 12/5/2011
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Answer Applies to: Florida
Replied: 12/5/2011
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Answered By: Carballo Law Offices
You will be discharging your personal liability for the loan and not your father's liability. Therefore, your father will still have to pay the loans after your discharge. If you are not making payments then your father's credit score will be affected because he is responsible for making payments as much as you are. It is not the bankruptcy that will affect your father's credit score. Rather, it is the fact that the loan is not being paid on time. You have to list your father as a co-debtor in the bankruptcy petition and he will receive notice of your bankruptcy case. There is no way to avoid that legally. You need to tell him and make sure he makes the payments. Otherwise, he will find out anyway because his credit score will go down and his credit report will show that the loans with you are involved in a bankrutpcy case.
Answer Applies to: California
Replied: 12/5/2011
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Answer Applies to: California
Replied: 12/5/2011
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Answered By: Eliza Ghanooni, Attorney at Law
Your filing bankruptcy will not affect your father's credit score. Rather, if he is a co-signer on some of those accounts and neither you nor he pays on those accounts, that default WILL affect his credit score. If you cannot afford paying them, but there is an agreement between the two of you that you would be responsible forthose payments, then it's best to be upfront with your father. It's better that he hears it from you rather than from the creditor calls he will start to receive. If he is paying on those accounts regardless, then he won't be affected even if you file.
Answer Applies to: California
Replied: 12/5/2011
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Answer Applies to: California
Replied: 12/5/2011
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Answered By: Ashman Law Office
He will find out and his credit will be affected. You are required to list and notify him. His creditors will not only possibly report the debts on his credit, but they probably will sue him, and collect your debts from him.
Answer Applies to: Georgia
Replied: 12/5/2011
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Answer Applies to: Georgia
Replied: 12/5/2011
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Answered By: The Schreiber Law Firm
If these are loans which you are planning on discharging and not continuing to pay, if they are not paid and kept current, your parent's will still be liable, could be sued if the payment are not kept current and obviously your parents would finds out about your bankruptcy.
Answer Applies to: California
Replied: 12/5/2011
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Answer Applies to: California
Replied: 12/5/2011
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Answered By: Symmes Law Group, PLLC
You can still file for bankruptcy, however if you parents are on your account, then they may still be liable for the debts post bankruptcy.
Answer Applies to: Washington
Replied: 12/5/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Washington
Replied: 12/5/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Heupel Law
Don't file bankruptcy because if you do, he will get notice of your filing and the creditors will contact him to pay the debt. You'd be wise to discuss your financial situation with your father as you have put his credit score in jeopardy.
Answer Applies to: Colorado
Replied: 12/5/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Colorado
Replied: 12/5/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: J.M. Cook, P.A.
You file bankruptcy on shared loans will not affect his credit. However, it will be required that he is noticed of the bankruptcy and the creditors will continue to try to collect from him.
Answer Applies to: North Carolina
Replied: 12/5/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: North Carolina
Replied: 12/5/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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