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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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My daughter resides in Atlanta, Ga and owns a single family

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My daughter resides in Atlanta, Ga and owns a single family home there. My wife and I reside in Alabama. My wife is a co=signer on the mortgage of the daughter's home and listed on the property deed of the residence in Georgia. If my daughter files for chapter 7 bankruptcy what is my wife's exposure to my daughter's creditors, by my wife being on the mortgage and the deed. Can the creditors come after my wife's assets to satisfy my daughter's debt?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

You asked about "creditors" (plural). Did your wife co-sign any other debts besides the mortgage on the Atlanta home?

Customer: replied 3 years ago.

The wife Only co-signed the first mortgage on the property and is on the deed to the property. The wife has no other co-signed obligations with the daughter. the daughter however has plenty of creditors with a second mortgage, lines of credit and credit cards, all in her name only!

 

While i have you as a co signer on the deed can the wife force the sale of the property without the other person on the deed(the daughter) cooperation. Thanks, tom

Expert:  cfortunato replied 3 years ago.

If your daughter files a Bankruptcy, there will be no effect on your wife's obligation to pay the first mortgage - which she co-signed - or on any other debts that your daughter owes. In other words, your wife will still be obligated to pay the mortgage, and will still not be obligated to pay any of your daughter's other debts.

Yes - if your daughter does not want to sell the house, your wife can arrange to sell the house without her permission by first having an attorney file a "Partition" action in court. This is a fairly simple proceeding, so should not cost too much to file.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!



Edited by cfortunato on 1/5/2011 at 1:35 AM EST
Customer: replied 3 years ago.
There is a second mortgage on the property in my daaughter's name only but because my wife is on the deed can they come after her to satisfy the second mortgage and/or if the daughter goes into bankruptcy without selling the house can daughter's creditors come after my wife because the creditors may but liens on the property and to satisfy those liens even though they are for the daighter debt can creditors try to aattch what assets the wife has because the wife is listed dn the house. Also what is the look back period for bankruptcy if we were to put my wife and my house in my name only and our cars and things. Would the court still say the crditors might have access to our house.. Thanks, XXXXX XXXXX
Expert:  cfortunato replied 3 years ago.

Your wife cannot be held liable in any way for the second mortgage.

Liens can be put on the house, but only the first mortgage company can come after your wife's other assets if the house is not sold, and the first mortgage is not paid. The other creditors cannot touch your wife's assets, even if they place liens on the house in question.

The look-back period for the transfer you described is back to the beginning of the mortgage - when she and your daughter first received the mortgage. The look-back period for any creditor goes back to the beginning of the financial obligation (not the payment default) to the creditor. The beginning of the financial obligation is basically when the contract creating the obligation was signed.

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
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