I’m Filing Bankruptcy… What About My Co-Signer?
Are you considering bankruptcy, but are worried about what will happen to a co-signer? Well, there’s good news and there’s bad news. If a debtor files for Chapter 7 bankruptcy, the debt can be discharged, freeing the debtor from any further repayment obligation; but the co-signer on that debt may still be responsible for repaying it. For example, if a debtor purchased a $15,000 vehicle with a co-signer, filed bankruptcy, returned the car; and the creditor was …
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