I forgot that someone co-signed on a student loan from 20 years ago. Can I add that information to my schedules after I have already had my creditors meeting? What will it do to my case, if anything?
Yes, an amendment can be filed anytime while your case is open to make necessary changes/disclosures/corrections. How this amendment will affect your case is an unknown. You don't say what chapter of bankruptcy you filed, and that might impact the answer. Generally, student loans are non dischargeable, so I suppose the impact may be nominal in that both you and the co signor will likely remain liable on the debt in either chapter, assuming that the student loan is not paid during the bankruptcy. JCC
Yes, you can amend a bankruptcy schedule after the creditor's meeting. So long as the case hasn't closed, you may amend. If all you are doing is adding a co-debtor, that shouldn't have any effect on the substance of the case.
Yes, and you should add it to your papers. Talk with your attorney and let him know. There is a small fee if you are adding a creditor.
Please note this is to be considered general advice and not legal advice about any particular situation. The answering of any question does not create an attorney client relationship and does not make the answer specific legal advice. I am an attorney admitted to the practice of law in the state of Georgia. Â
Yes you can amend your bankruptcy schedules to indicate that you have a co-signor on your student loan. A co-signor is called co-debtor in the bankruptcy. You may want to do this to make sure your schedules are accurate. You did not mention what type of bankruptcy you were in. For the purposes of this hypothetical, I will assume you filed either a Chapter 7 or Chapter 13 bankruptcy. And keep in mind this is definitely a question you should ask your own bankruptcy lawyer. And if you don't have one, it is highly recommend you hire one.
In a Chapter 7 case, having your schedules reflect that you have a co-signor likely will have little practical effect. In most cases, student loan debt is not dischargeable unless you fit a hardship exception. The student loan company can collect against the co-signor, for example, if you were not paying, even while your Chapter 7 bankruptcy case is open. The student loan lender cannot collection against you of course while your case is pending. After your Chapter 7 case is only, if you or your co-signor do not continue to pay the student loan then the student loan lender can pursue collection against either or both of you.
In a Chapter 13 case, there is a co-debtor stay, which prohibits any collection against your co-debtor on that student loan. (There is no co-debtor stay in Chapter 7 bankruptcy). But again the student loan is not dischargeable in bankruptcy unless you fit within the hardship exception. So in most cases, either you, your co-signor, or both of you will need to continue paying the student loan when the Chapter 13 case is over. Your co-signor could elect to pay the student loan lender payments while your Chapter 13 case is open.
Because each Bankruptcy filers situation is unique, you should seek legal advice from a qualified bankruptcy lawyer in your area.
The answer here does not create an attorney-client relationship. I am licensed in the State of Oregon and Washington (Washington only up through the end of 2021), so if you reside in a different state, you should seek legal advice from attorney licensed in your state or jurisdiction. You rely on any internet legal information at your own risk. My answers here are just general legal information and do not constitute legal advice as I do not have all the facts necessary to render a specific legal opinion. Relying on this general legal information is done at your own risk.
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