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If you have a general question about bankruptcy, you can submit your questions here. Please note that all questions are answered by a real bankruptcy attorney, however, the answers given are only meant to be general in nature.
Mr. Markus has taken the time to help educate the public on bankruptcy issues, but is not offering you legal advice. If you live in California and need a bankruptcy attorney, you can contact Mark here.
If you are outside of California and need an attorney, click here. Again, none of the information found on this site is meant to replace the advice you can obtain through a qualified legal professional, in your own state (as certain things differ by state in bankruptcy), who has taken the time to look at the specifics of your case.
 Mark J. Markus has been practicing exclusively bankruptcy law in Los Angeles and surrounding counties of California since 1991 and handles Chapter 7, 11, and 13 cases for debtors and creditors.
Visit his webpage: http://www.bklaw.com/ for useful bankruptcy information and representation or you can contact him using the information below:
Mark J. Markus - Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
Tel: (818) 509-1173 Fax: (818) 509-1460
This Firm is a Qualified Federal Debt Relief Agency
Q: "My dad co-signed for the car I own. I’m considering claiming bankruptcy now. Will me claiming bankruptcy affect his credit badly if I claim bankruptcy on the car too? What if I keep the car and maintain that loan instead?"
Signed: Backseat driver, California
A: If the vehicle creditor has a default-on-bankruptcy clause in your contract with them (as most do), they may require a "reaffirmation" agreement to be entered into as part of the bankruptcy which would obligate you to repay the debt despite the bankruptcy case. This will require court approval in most cases, and is not always granted. Ultimately, if you continue making the payments on the debt, then it should not affect the credit of the cosigner. I'm not 100% sure of what happens if you don't make the payments. I suspect that at some point your co-signer will be sent a notice that whatever balance is due on the car (or deficiency if the car is repossessed and sold) is due, and then (but only then) it might affect his credit if he doesn't pay on it.
Q: "I am planning to file bankruptcy alone, even though I am married. My question concerns our joint tax refund. If I claim bankruptcy, will it affect our joint tax refund? Does it matter if I file now, or after the end of the year?
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Signed: Pennywise, Oregon
A: The answer depends on whether your State is a community property State or not. If it is a community property State, then the entire amount of the refund will be an asset of the bankruptcy estate.
Ask a Lawyer Archives:
+ Is your median income the only factor in deciding if chapter seven is allowed?
+ Can the IRS come after back taxes of a discharged debt years later?
+ Do I list original debtors, collection agencies or both on my bankruptcy filing?
+ Is bankruptcy an alternative to home buying investments gone bad?
+ How is income determined when deciding if you are eligible for bankruptcy?
+ Can filing bankruptcy wipe away student loan debts?
+ Two houses and backed up credit card payments; Is bankruptcy best?
+ What counts as legitimate living expenses when filing bankruptcy?
+ Questions about using a bankruptcy lawyer vs. filing Pro Se
+ Is a back child support payment considered income when filing bankruptcy?
+ Will claiming bankruptcy affect the co-signer on my car?
+ Does one spouse filing bankruptcy affect the couple's joint tax return?
+ I can't pay an accident judgement, can bankruptcy get rid of it?
+ How are joint marital assets affected by a wife's bankruptcy filing?
+ Do I have to claim my 401K withdrawl as income?
+ Can I sign over a car to my daughter prior to filing?
+ Chapter 13 in danger of being dropped but would like to save the house
+ Debt collector calls may force us into bankruptcy
+ Husband claiming bankruptcy, but the wife has good credit
+ Need tips to find a credit counseling agency
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