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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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We filed for bankrupsy last year and because my husbands name

Resolved Question:

We filed for bankrupsy last year and because my husbands name was attatched to his parents bank account they lost 32000.00 dollars. We kept our house but because of the economy we are considering letting it go back. If we do this will the trustee try to collect more money from my inlaws? Our bankrupsy was discarged in October and all of the funds that were collected were dispersed to our creditors. I know that our tax returns have to be sent to the trustee. I just dont want to make the same mistake again and cost my inlaws more money.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.
Hello,

Allowing your house to go into foreclosure should not have an impact on your in laws unless they co-signed the loan.

The trustee would typically have attached any assets of your in laws that your husband was a part owner of at the time of the bankruptcy.
Customer: replied 8 years ago.

so there is no way they can collect more money from my inlaws?

Expert:  Ellen replied 8 years ago.
Hello,

Not on the basis of a foreclosure absent your in laws having signed the mortgage note. If there are assets that are in your husband and in laws names, that could be attached.
Customer: replied 8 years ago.

so the only money that they are entitled to take is our tax returns this year. Even if we decide to let the house go back. We also have a 2nd morgage attatched to the house.

Expert:  Ellen replied 8 years ago.
Hello,

That appears to be correct. Please remember to click accept so that the site pays me for my time.
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