If you filed for bankruptcy and had someone cosign a loan for you that you included in bankruptcy, do you always to pay that off because of the cosigner. Or is there any way to wipe that out completely.
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The reasons for co-signing is so that the lender ha a "backup " for payment. Some of the experts may chime in but I believe the person who co-signed will still be responsible for the debt.Filed CH 7 4/15/11
341 5/23/11
DISCHARGED & CLOSED ON 7/27/11
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You can wipe the debt off of you completely, however the cosigner will be responsible for the balance. Everything that you owe must be listed when you file, so you need to have a clear understanding with the cosigner as to what you are going to do.
Someone trusted you enough to cosign with you, so even if you are legally relieved of the debt, you may feel that you have a moral obligation to pay the cosigner back.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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True statement - co-signer will be responsible.Comment
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