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Parents co-signed student credit line

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?

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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.