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Co-signers and banckruptcy
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Co-signers and banckruptcy
If someone co-signs a loan and the other person on the loan goes into bankruptcy, will that effect the co-signers credit? Does the cosigner become fully responsible for the loan?
Message edited 10/8/2016 9:30:37 AM.
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Posted 10/8/16 9:27 AM  |
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BargainMama
LIF Adult
Member since 5/09 15660 total posts
Name:
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Co-signers and banckruptcy
Yes, the Co-Signer is then responsible for the debt
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| Posted 10/8/16 9:50 AM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Co-signers and banckruptcy
Yes.
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| Posted 10/8/16 10:33 AM |
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Re: Co-signers and banckruptcy
It depends. There are several different types of bankruptcy, called chapters. In some you (the filer) have to pay on certain loan types (auto, mortgages, etc.) and so long as you do it doesn't fall on the co-signer. As for the co-signer's credit, it should not have an impact either way. If I were the co-signer I would be speaking to the other person's lawyer or my own for info.
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| Posted 10/8/16 11:35 AM |
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