Protect Cosigners
Many prospective Chapter 13 clients in San Diego are concerned that about the effect the Chapter 13 bankruptcy debt relief plan will have on a cosigner on a unsecured debt. When you file Chapter 13 with experienced bankruptcy lawyers you can lessen the effect of any action against the consigner.
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When you file a Chapter 13 debt relief plan with bankruptcy lawyers, here are your options:
1.The San Diego debtor can just relinquish the property to the lender or creditor. For example, you purchased a car with your mother a cosigner, you can simply return the vehicle to the creditor during the Chapter 13. But, if the creditor is not able to get what he/she is owed by selling the vehicle they may go after the cosigner for whatever is leftover. If this is what you choose to do, make sure your bankruptcy lawyers in San Diego give you all your options.
2. When you submit your Chapter 13 plan to the bankruptcy trustee you can make sure your plan calls for full repayment to that particular creditor. That way the creditor will not go after the cosigner. The Chapter 13 bankruptcy trustee must approve this request but it is an option.
3.Have your bankruptcy lawyers request the court modify the terms of the loan agreement in the Chapter 13. You might only have to pay a certain portion of the loan or perhaps just the principal but once you do this, the creditor can still seek contribution from the cosigner.
Before filing for Chapter 13 bankruptcy we strongly suggest that you discuss all options with your bankruptcy lawyers in order to minimize the effect on the cosigner.
Creditors will be very aggressive in trying to collect any outstanding debt owed. You need an aggressive bankruptcy lawyer to fight back. For over 35 years the Law Office of Harold D. Thompson has helped thousands of individuals in San Diego, Southern California and California get the fresh start an debt relief they deserve. We can file your bankruptcy case for as little as $800.00. Call our office today at 619.615.0767 or visit our other websites at San Diego Bankruptcy Lawyer Blog or My San Diego Bankruptcy for more information.