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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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I filed for chapter 13, their are 2 borrowers on loan. 2nd

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I filed for chapter 13, their are 2 borrowers on loan. 2nd borrower is not on deed. 75,000 in arerages on BK, 50,000 of debt after BK. I have surrendred the home in BK. Is the 2nd party liable for the debt?

Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.


Your attorney is correct and the bank has misspoken. Note, unless the second party files BK, the bank can go after all borrowers. However, what the bank may have told you is that it is their policy not to go after a co borrower if the home was surrendered and was used as a residence and not an investment. In that case, it is typically the policy of the bank not to go after the co borrower. But that is the bank's policy to follow if they choose. But legally, the co borrower is still liable.


I wish you both well.

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