Edmeston, NY Bankruptcy Law Firms & Lawyers

A limited codebtor-stay applies in chapter 13, if applicable; however, ultimately a codebtor is a codebtor and bankruptcy doesn't discharge the nonfiling-codebtor's obligation. In a chapter-7-bankruptcy context, Mom is free to voluntarily pay back that debt after filing the chapter 7 bankruptcy, notwithstanding its presumed discharge in the bankruptcy. Otherwise consider your wife's assumption of the debt to be an unintended $6,700 wedding gift to mother-in-law.

You may be able to file an "aritsan's lien" and then foreclose on it. Once done, you can sell it, and if it does not bring enough to pay for your expenses and your work, then you can sue the owner for the difference. Of course, if you get more than what you would otherwise be paid, you have to refund the difference.

It MIGHT be possible but it is not a good idea. I don't know if in your jurisdiction the court will approve such a thing. Understand that the purpose of filing for bankruptcy is to obtain a fresh start. I NEVER reaffirm a mortgage. All debts you owed at the time of the filing of the bankruptcy had to be listed in your bankruptcy, you don't get to pick and choose, that includes mortgages, car loans, loan from parents, etc. And all debts that were dischargeable and whose discharge was not challenged (this is rare) are discharged. I'm guessing that you are asking this question because the mortgage payments you have been making are not showing up on your credit report and/or you are attempting to refinance the loan. Rather than attempting to reopen the case there is another option. Obtain a statement from the lender showing payments received since the bankruptcy. Forward this statement to the credit bureaus to append your report. Keep copy of the statement for yourself. If you are trying to refinance, the new potential lender will obtain the updated payment information from your credit report once you lodge the statement with the bureaus or you can give them a recent statement yourself. Hope this helps.