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Bankruptcy Law/Chapter 13 filing

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Expert: - 4/8/2009


Question
QUESTION: My question is if im about 18,000 in debt including a car loan that my dad is the primary and im co signer as 2nd.Will he still be responible for the loan and how much will my monthy plan be.

ANSWER: Yes, you're dad is liable on the loan regardless of whether you file bankruptcy or not.

As far as your monthly plan payment, that can only be determined after a comprehensive consultation with a bankruptcy attorney in your area (and probably not even then, as it depends often on negotiations with the Trustee, local practice, etc.).

---------- FOLLOW-UP ----------

QUESTION: Ok thanks for your answer.One more thing.Are they still about to do a repossession with me going in bankruptcy and will it mess up his credit.

Answer
I have no idea whether they're about to do a repossession or not.  If you're not current with the payments, then they can repossess.  Once you file the Chapter 13, you will have to propose a repayment plan to either bring them current or cure the arrearage (repay the loan) over the course of your plan.  It shouldn't affect his credit unless you (he)miss payments on the vehicle.

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Mark J. Markus- California Bankruptcy Attorney

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Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

Experience

Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

    Publications
    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

    Education/Credentials
    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

    Awards and Honors
    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

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