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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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Suppose I have a loan with three people. One of them filed

Resolved Question:

Suppose I have a loan with three people.

One of them filed for Chapter 7 bankruptcy.
I want to enter into a reaffirmation agreement with debtor number 1 for 1/10 of the balance owed.

However, I still want to collect the rest of the balance owed from the other two.
Is there any problem with collecting the remaining 90% of the balance owed from the other two? Does the reaffirmation agreement with debtor 1 hurt my collection efforts against debtors 2 and 3?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.
Hi JACustomer,Debtor 1's Bankruptcy and re-affirmation agreement will not affect your right to collect the remainder of the debt from the other 2 debtors. In fact, in spite of that re-affirmation agreement , you can still collect 100% of the debt from the other 2 debtors if debtor 1 does not pay.
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