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After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed,

After a Chapter 7...

After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed, but only by the husband. The wife never signed. Does this mean that the loan company now has lost consent? In her not reaffirming the loan or giving consent, does that make the equity loan unenforceable? Thank you in advance.

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Michigan. The 7 was in 2011.

Lawyer's Assistant: Has anything been filed or reported?

Seven was discharged in 2011. Equity loan reaffirmed by husband only

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Answered in 10 minutes by:
6/13/2017
Law Educator, Esq.
Category: Bankruptcy Law
Satisfied Customers: 126,935
Experience: Attorney At Law handling education matters.
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No, if there was a loan in bankruptcy and both parties were in the bankruptcy, but one party reaffirmed and the other did not, then you are not liable as it would be discharged to you in bankruptcy, but he would remain liable as he was the one who reaffirmed the bankruptcy and not you.
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Law Educator, Esq.
Category: Bankruptcy Law
Satisfied Customers: 126,935
Experience: Attorney At Law handling education matters.
Verified
Law Educator, Esq. and 87 other Bankruptcy Law Specialists are ready to help you
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Customer reply replied 1 year ago
But with an Equity loan, they are required to get a signature by both owners OR proof of consent. If I am discharged from the original loan, then isn't my signature or proof of consent gone as well? With both owner's signatures or one signature and proof of consent, and equity loan is unenforceable
. Is it not?

Thank you for your reply.

That is the lender's problem, not your problem, since you did not reaffirm you are not liable for that loan, your husband is liable to pay since he agreed to pay it.

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