Posted on: 01st Oct, 2009 07:10 am
What is the effect of bankruptcy on co-signers
In bankruptcy the term is used as Codebtor. This codebtor means the preson who is responsible for paying debt. Bankruptcy charge the liability of a codebtor. But in chapter 13 you can take stay on codebtor and prevent creditor pursuing rights against codebtors until the case is closed.
The duration may be three or even five years after the petition is filed.
The duration may be three or even five years after the petition is filed.
hi stevecomish,
If someone has co-signed a loan with you and you file for bankruptcy, the co-signer will still have to pay the debt.
If someone has co-signed a loan with you and you file for bankruptcy, the co-signer will still have to pay the debt.
hi,
If you file for bankruptcy, the co-signer will still have to pay the debt. You should list the co-signer as a creditor in your bankruptcy petition since they may have a contingent claim against you
If you file for bankruptcy, the co-signer will still have to pay the debt. You should list the co-signer as a creditor in your bankruptcy petition since they may have a contingent claim against you