If I’m considering filing for bankruptcy, how will this effect my sister since she and I purchased a house together?

I am current on all my cards, car and house but am only able to make minimum payments. I feel that I will start falling behind. I plan on keeping the car and house. The house I purchased with my sister. If I file for bankruptcy will this affect her in anyway? The house is worth less then what I currently owe. I also intend to continue to play my school loans as well. I am only hoping to eliminate my credit card debt.

Asked on November 5, 2014 under Bankruptcy Law, Illinois

Answers:

Greg Wiley / Law Office of Greg Wiley PLLC

Answered 6 years ago | Contributor

It should have no effecton your sister as long as you pay on the house.  If both of you are on the note, both of you are 100% liable on the note.  If you can't pay, they will collect from her.


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