Vernon, NJ Bankruptcy Law Firms & Lawyers

Question: If my husband claims a Chapter 13 but we share the debt, do the debts go away or do they just become my debts? Question Detail: If my husband claims Chapter 13 bankruptcy, but we share the debt, as in it is on both of our credit, does the debt become resolved or does it just become my debt? *- he would need to list you as a co-debtor on his schedules and petition; also, it would not relieve your liability on the debt and the creditors would most likely start pursuing you, too. Depending on your situation, you may want to file a joint petition so that the creditors can't get at either of you. Of course, with a Chapter 13, the creditors will be getting some repayment of their claims.

In many states, the foreclosure process requires that the lender sue you. You may want to examine the paperwork carefully to be sure what it is that the lender is asking the court to do. The lender isn't entitled to sue you for debt you discharged in the bankruptcy but the lender is entitled to sue you to foreclose and obtain the title to the property.

There is no *requirement* on lenders to extend an offer for a home loan to anyone, period. So whether one year or three years passes after discharge - the lender may or may not offer a mortgage loan to a discharged debtor. I imagine that proof of having overcome a financial "hardship" will work in favor of receiving the loan, but it will not guarantee it.