BK hurts co-signer for private student loans?

[mhman]

I have three private students loans. My relative cosigned for them several years ago.

Does my BK filing hurt the cosigner in any ways?

I will/should keep pay the student loan payments but I am just wondering if my BK can be notified to the cosigner or affect...

Thanks in advance.

[HHM]

It shouldn't. If, for some reason (lenders are stupid), the BK shows up on the co-signors credit report, he can dispute it off.

[mhman]

What kinds of terms will be shown on my credit report?

In case of discharged CC account would be shown as "BK"?

How about the private student loans were not discharged through ch7? Maybe "current"?

I am just wondering how my credit report will look after BK.

[lrprn]

What kinds of terms will be shown on my credit report?

All debts discharged in the bk should show as IIB (included in bankruptcy) with a balance of zero. If any of your unsecured debts show a balance or don't say IIB, you need to dispute that.

Debts that were sold off by creditors before you filed should show as "charged off" with a balance of zero.

In case of discharged CC account would be shown as "BK"?

See previous answer.

How about the private student loans were not discharged through ch7? Maybe "current"?

Ironically they also may show as IIB on the credit report, but the student loans are *not* discharged in bankruptcy.

Here's a list of common credit report abbreviations to help you understand the codes when the time comes - http://ficoforums.myfico.com/fico/bo...e&thread.id=23

[mhman]

Thanks for all your comments. I am not alone.

I will keep paying the stuendent loan payments since I know that it won't be discharged.
What I really hope at this time is that this BK filing doesn't affect my cosigner's credit.

My cosigner would be very frustrated if he see all cosigned student loan accounts are shown as "IIB" in HIS credit report.
Yes, since the student loans were cosigned, all student loans have been shown in my cosigner's credit report at the same time.

I don't know what is the best thing not to hurt my cosigner's credit. What I can do when filing ch7 is just to keep paying the student loans.

I hope I understood correctly on private student loans during ch7 process.

[Oblib2345]

I wouldn't see how your filing bk would have any effect on your co-signers credit report. First, I would doubt that the student loans would even show up as IIB on your credit report because it is highly unlikely that you would be allowed to discharge them (even private student loans). Second, if you are allowed to discharge them, it would only be discharging YOUR liability to the debt NOT your co-signers. Provided that they actually make the monthly payment at that point, nothing derogatory should appear on their report. They are still liable for the student loan debt even though you filed bk, that is the whole point of a co-signer.