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Andrea Ray
Andrea Ray, Attorney
Category: Bankruptcy Law
Satisfied Customers: 82
Experience:  Over 5 years experience in consumer and commercial bankruptcy law, Chapters 7 13 and 11
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My parents co-signed my condo - how will my bankruptcy affect them

Resolved Question:

My parents are the co-signers on my condo which will be included in my bankruptcy. They are aware that this will may a negative effect on their credit. My main concern is to whether any of their assets can be taken away or negatively affected in any way. I would hate for anyone to go after their assets as a result of my bankruptcy. I am handling my own bankruptcy because I cannot afford a lawyer at this time - any advice would be greatly welcomed. Thank you.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Andrea Ray replied 8 years ago.
It depends on what you sare doing with the condo. Are you planning on keeping it and maintaining payments? If so, then your parents will not be at risk.

If you are giving it back to the creditor, the creditor may foreclose on it, and in your state if they sell it and still end up with a balance due, they may seek the remaining balance from your parents. In your state that may mean that they could put a lien on your parents' property or garnish their wages (if they are still working) or attach bank accounts. I hope that helps.
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