Posted on: 23rd May, 2011 02:20 am
I'm in trouble and need help. I've total credit card debt of $50,000. The amount is quite big and now I'm unable to pay. I've now decided to file bankruptcy. But then, my cousin sister had cosigned for the card on which I incurred debt. It’s my mistake and I don’t want her to face any problems. Can you tell me which chapter of bankruptcy will be best suited for me and won’t affect my sis?
Your sister is liable for the debt as much as you are. If you file bankruptcy, you will get a discharge from the debt payments and your sister will be solely responsible for the payments. You can file chapter 13 bankruptcy wherein you will get a repayment plan to pay off your debts. This will help you save your sister from the burden of paying the whole credit card debt.