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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2884
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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What happens when a property is owned by 2 parties and one

Resolved Question:

What happens when a property is owned by 2 parties and one files chapter 11 bankruptcy?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 years ago.
If this is a corporate bankruptcy, normally cosigners are not affected, and remain 100% liable for the debt, unless the debt is paid off in it's entirety thru the case. Chapter 13 acts the same way. With a chapter 7, unless the debtor reaffirms, then the cosigner is the only party liable on the debt.
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Customer: replied 8 years ago.
Not an on point answer. This is a chapter 11 (personal0. I assume the result will be the same as a corporate chapter 11?