October 25th, 2007 by Questions
I am a Co-signer of a loan, actually two car loans what happens to these if I go bankrupt?
October 26, 2007 at 8:19 am, A licensed trustee said:
It will depend on the current status of the loans and the other borrowers. Normally, if the payments are current and their are no issues with the borrower the loans should not be affected.
The best approach to this situation is to warn the borrowers that you co-signed for of your intention to file for bankruptcy so that they may contact the lender(s) and confirm the status of their loans BEFORE you actually file. This way there won’t be any unpleasant surprises…
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