Parents co-signed student credit line

April 16th, 2007 by Questions

I read that a spouse that co-signed is legally responsible and so bankruptcy would affect him/her.

However, does that apply to ALL co-signers, such as my retired parents?


One Response to “Parents co-signed student credit line”

, A licensed trustee said:

Yes, it applies to ALL co-signers. If the primary borrower defaults on a loan (or files bankruptcy or a proposal) then the co-signer will be held responsible for the debt.

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