How Will Bankruptcy Affect Someone Who Cosigned One Of My Debts?


Co-signers will still owe the full amount of the debt, even if you you get your personal liability discharged in Chapter 7 bankruptcy.



Chapter 7 offers is no protection of co-debtors. If someone has cosigned a loan for you, they will be held fully responsible for the debt after your personal liability has been discharged. Married couples may need to file together if many of their debts are jointly owned.

Chapter 13 does have a "co-debtor stay" that protects your coeditors during the bankruptcy, and it allows you to structure you Chapter 13 plan classifies co-signed debts specially so they are paid in full.


Jurisdictional relevance: US

Legal Consumer - Bakersfield, CALaw. The content of this article pertains to all US states and counties.