TJW & ACW
06-28-2003, 05:20 PM
Why is reaffirmation on a cosigned note such a deal? I cosigned for
my parents, using my home as the colateral, the note isn't in default,
I don't owe the mortage company anything, etc, etc...yet my BK
attorney told me that I have to make sure I reaffirm on the consigned
note. If I go CH. 7 on it want it simply default back to my parents,
who are the primaries anyway, and simply make me no longer the
cosigner? Just curious.
TJW & ACW
Brett Weiss
06-28-2003, 07:39 PM
It's a big deal because you're changing a discharged debt into a
new debt. Were your parents to default on the note, right now you
wouldn't be liable. If you reaffirm, you would be.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
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* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only. It
isn't meant to be legal advice and you shouldn't treat it as such.
If you want legal advice, speak with a local lawyer familiar with
your state's laws who can review *all* of the facts and the law
applicable to your situation.
************************************************** ***************
"TJW & ACW" <toby_antoinette@yahoo.ca> wrote in message
news:c8dc5892.0306281620.473282fc@posting.google.c om... Why is reaffirmation on a cosigned note such a deal? I cosigned
for my parents, using my home as the colateral, the note isn't in
default, I don't owe the mortage company anything, etc, etc...yet my BK attorney told me that I have to make sure I reaffirm on the
consigned note. If I go CH. 7 on it want it simply default back to my
parents, who are the primaries anyway, and simply make me no longer the cosigner? Just curious. TJW & ACW
Brett Weiss
06-29-2003, 07:26 PM
Yes.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only. It
isn't meant to be legal advice and you shouldn't treat it as such.
If you want legal advice, speak with a local lawyer familiar with
your state's laws who can review *all* of the facts and the law
applicable to your situation.
************************************************** ***************
"TJW & ACW" <toby_antoinette@yahoo.ca> wrote in message
news:c8dc5892.0306290429.61149157@posting.google.c om... I what would happen if I didn't reaffirm and my parents did
default? Since I woul d no longer be liable would the house still be
collateral for the debt?
