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Reaffirmation of Co-Signed Debt
But from a tactical point of view, it matters who the lender is and whether
repossession is a likely possibility. Additionally, if the debtors can't
afford the payments, they shouldn't reaffirm. The kids have been living in
la la land financially and now the cord needs to be cut.
Also, from the tactical/legal side, the lender must file a claim under
(a)(6) as a prereq to trigger their right to repossess. If they don't they
have violated the stay.
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
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Yes co-signer should reaffirm or lender will repossess, if contract defines default to include bankruptcy filing of co-borrower. 365(e) & 521(a)(6).
"Law Offices of Louis J. Esbin" wrote:
I have a client that has several cars for which they co-signed for the
auto financing with their children. The children are, of course,
adults, who should be paying, but the clients have been paying. Now
that the parents must face the reality of their situation, so must the
children. The inquiry, though, is what if the parents do not want to
continue assuming the obligation, but the adult children do in order
to retain the vehicle. The parents do not sign a Reffirmation
Agreement, correct? But, can the auto finance company repossess
against the nonfiling co-signor, co-obligor children?
Best regards. Lou Esbin
You rock. That's why Blockbuster's offering you one month of Blockbuster Total Access, No Cost.
Yes co-signer should reaffirm or lender will repossess, if contract defines default to include bankruptcy filing of co-borrower. 365(e) & 521(a)(6)."Law Offices of Louis J. Esbin" <Esbinlaw@sbcglobal.net> wrote: I have a client that has several cars for which they co-signed for theauto financing with their children. The children are, of course,adults, who should be paying, but the clients have been paying. Nowthat the parents must face the reality of their situation, so must thechildren. The
inquiry, though, is what if the parents do not want tocontinue assuming the obligation, but the adult children do in orderto retain the vehicle. The parents do not sign a ReffirmationAgreement, correct? But, can the auto finance company repossessagainst the nonfiling co-signor, co-obligor children?Best regards. Lou Esbin
You rock. That's why Blockbuster's offering you one month of Blockbuster Total Access, No Cost.
The post was migrated from Yahoo.
I have a client that has several cars for which they co-signed for the
auto financing with their children. The children are, of course,
adults, who should be paying, but the clients have been paying. Now
that the parents must face the reality of their situation, so must the
children. The inquiry, though, is what if the parents do not want to
continue assuming the obligation, but the adult children do in order
to retain the vehicle. The parents do not sign a Reffirmation
Agreement, correct? But, can the auto finance company repossess
against the nonfiling co-signor, co-obligor children?
Best regards. Lou Esbin
The post was migrated from Yahoo.