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An internet forum is NOT a good place to second guess your B/K attorney. Yes it is true

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โˆ™ 2005-06-12 01:38:33
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Q: Your car was repossessed because you was unable to make full payments. your bankruptcy lawyer said the terms of your bankruptcy discharge relieves you of that debt. Is this true?
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Do chapter 7 bankruptcy relieves you of a mortgage in a divorce but the spouse stills lives in the home?

Yes it does- if spouse wants to live at the house then he/she must continue to make the payments.

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As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.

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