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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34399
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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i signed a loan as an intervenor and filed bankruptcy is that

Resolved Question:

i signed a loan as an intervenor and filed bankruptcy is that loan included
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 1 year ago.
Hello,

An intervenor is a guarantor of a loan.

If you were obligated as intervenor to pay the loan under any possible circumstances, whether as a cosignor, guarantor or otherwise, then your obligation would be discharged in bankruptcy. So, the answer here is an unqualified "yes."

Hope this helps.
Customer: replied 1 year ago.

I still don't understand my husband got the loan he did not file only I did now the bank is asking for all my bankruptcy papers and has delayed my discharge. We do not want this discharged. I was told when the loan was made that I was not on it

Expert:  socrateaser replied 1 year ago.
Louisiana is a community property state. As intervenor spouse, you have an interest in the real estate that secures repayment of the loan. You also have a legal obligation to the extent that there is community property, to repay the loan. Thus, your obligation to pay, to the extent of your community property interest in the marital estate would be discharged as part of your bankruptcy.

You weren't directly obligated to pay by the intervenor signature. But, you are indirectly obligated due to your community property interest in any debt incurred during marriage. Consequently, you are effectively a guarantor of the loan -- but only in a limited sense, since your separate property, and any community property acquired after the bankruptcy petition was filed, cannot be used to pay the debt. Only community property in existence before you filed bankruptcy can be used.

This is one of the most complicated bankruptcy law concepts. No one involved in your original loan transaction, including a typical real estate closing attorney, or loan officer, would be expected to understand the consequences of signing as an intervenor -- because no one is thinking about a bankruptcy when they're making a loan.

I don't really understand why you don't want the loan discharged, because it does not prevent you from continuing to pay on the loan and keep the house, as long as the home loan remains current. But, if you cannot complete the loan as agreed, then by discharging it in bankruptcy, you are protected. Whereas if you choose to affirm the loan, you would be unable to avoid the debt, because you will have affirmed it in bankruptcy.

Thus, you may want to reconsider your course of action, because it may be far more in your interest to allow the loan to be discharged.

Hope this helps.
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34399
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and other Bankruptcy Law Specialists are ready to help you

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