February 24th, 2008 by Questions

What if i am a co-signer to a loan and go bancrupt what happens then.


One Response to “bancruptcy”

, A licensed trustee said:

If you are a co-signer on a loan and file for bankruptcy the lnder will be notified so that they can remove your name from the loan. It will be up to the lender to decide if that makes any difference to them in so far as the other borrower is concerned – the lender may do nothing, they may ask the borrower for a new co-signer, or they may deman the loan be repaid in full.

I suggest yiou aks the borrower to call the lender BEFORE you file so something can be worked out.

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