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Chapter 13 bankruptcy and co-signing loans Atlanta, GA

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Chapter 13 bankruptcy and co-signing loans

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Although bankruptcy has become significantly more common in recent years due to the economic recession and its aftermath, there are still many misconceptions about the legal process of bankruptcy. For example, many people believe that filing for bankruptcy will result in the loss of any and all assets, including homes, cars and personal belongings.

However, that is not necessarily the case. Filing for Chapter 13 bankruptcy, as opposed to Chapter 7, will allow you to maintain possession of your assets by establishing a court-monitored payment plan under which you will either partially or fully repay your creditors. Generally, that plan will be in effect for three to five years, during which time you will be monitored by a court-appointed bankruptcy trustee.

During that time, you will be in what is best described as financial limbo. You must make all payments to your creditors, and send any extra income, such as raises and bonuses, to them so that they receive the maximum amount of payment on your debts. You may not take on any new debt or make significant purchases without the approval of your bankruptcy trustee.

In addition, you probably will not be able to co-sign a loan for another person. It is unlikely that your bankruptcy trustee will approve the co-signing, because it would effectively promise your income to a new creditor in the event that the person for whom you are co-signing fails to make the required payments. Further, your credit rating has suffered as a result of your bankruptcy filing, which means that you probably would not receive a very good loan deal.

Source: Fox Business, “Don’t Co-Sign a Loan While in Chapter 13 Bankruptcy,” Erica Sandberg, June 6, 2012

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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