Posted by: admin in chapter 13 bankruptsy rules on
Michelle_80118 asked:
My Uncle wanted to start a small water company and didn’t qualify for a loan. Since my parents have already paid off their house, he asked them if he could use the house as collateral. My dad didn’t want to have anything to do with it- but after months of nagging he finnally gave in. Now my Uncle is not paying the bills, and the lender is coming after my parents threatening foreclosure. My Uncle is not answering his phone so I Googled his name and found that he just recently filed for Bankruptsy (Chapter 13). Does anyone know how this would effect my parents? Do they have a leg to stand on?
My Uncle wanted to start a small water company and didn’t qualify for a loan. Since my parents have already paid off their house, he asked them if he could use the house as collateral. My dad didn’t want to have anything to do with it- but after months of nagging he finnally gave in. Now my Uncle is not paying the bills, and the lender is coming after my parents threatening foreclosure. My Uncle is not answering his phone so I Googled his name and found that he just recently filed for Bankruptsy (Chapter 13). Does anyone know how this would effect my parents? Do they have a leg to stand on?